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“We are not interested in adopting Bitcoin as a currency,” says Mexico’s president

The President of Mexico, Andrés Manuel López Obrador, ruled out the use of cryptocurrencies such as Bitcoin in his government and guaranteed that there will not be much innovation in the country’s financial management.

We are not interested in adopting Bitcoin as a currency

“We are not interested in adopting Bitcoin as a currency,” says Mexico’s president

The statement came during a press conference this Thursday morning (14) at the Palacio Nacional, the presidential residence in Mexico City.

According to a video from the press conference on Obrador’s official YouTube channel, he spoke about cryptocurrencies when questioned by a reporter about the matter:

“Is there government interest in using cryptocurrencies as they are legal tender in El Salvador,” the journalist asked. “No,” said Obrador without hesitation, adding to the answer the following:

“We are not going to change in this aspect. We are not going to try to innovate a lot in the financial system. We will ensure that there is no tax evasion and privileges in tax payments. This is enough,” said the president.

Although Obrador has not criticized the cryptocurrencies, his position remains in line with that of the Bank of Mexico (Banxico), the country’s central bank, and also with those of Mexican market regulators — the Secretariat of Finance (SHCP) and the National Banking Commission. and of Values ​​(CNBV).

The opinion of the local authorities on cryptocurrencies came together at the end of June this year with a publication. At the time, regulators warned about the risks of using virtual assets, such as bitcoin, ethereum and ripple, and stressed that the practice is illegal in the country.

Read more:

  • Mexico’s billionaires are clamoring for cryptocurrencies
  • “Bitcoin is not money, it’s barter,” says Central Bank of Mexico
  • Mexico prohibits banks from offering accounts to cryptocurrency companies
  • Coincidentally or not, the regulators’ warning came a day after Mexican billionaire Ricardo Salinas commented that his bank might accept bitcoin. At the time, he also extolled the cryptocurrency raising it to the level of gold, but giving more credit to the virtual asset for being easier to transport.

    In September, about three months later, Banxico returned to commenting on cryptocurrencies through its president, Alejandro Diaz, who said that Bitcoin is not real money.

    “Anyone who receives Bitcoin in exchange for a good or service, we believe the transaction is more like a barter because that person is exchanging one good for another, not money for a good,” Diaz said.

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