Mexican President Rules Out Adopting Bitcoin as Legal Tender

Mexican President Rules Out Adopting Bitcoin as Legal Tender

Mexican President Andres Manuel Lopez Obrador has decisively rejected the idea of adopting Bitcoin as legal tender, Expansión Política reports.

During an Oct. 14 press conference, Lopez Obrador said that his administration is trying not to innovate a lot in the area of financial management:

We think that we must maintain orthodoxy in financial management.

He claims that his main objectives are ensuring that Mexicans have good salaries and are rooting out tax evasion.

Lopez Obrador adds that investing in cryptocurrencies is not necessary for financing the country’s development.

Related

Morgan Stanley CEO: Crypto Won't Go Away

In June, the Mexican central bank announced that crypto is off-limits for financial institutions, disrupting the plans of Bitcoin-friendly Mexican billionaire Ricardo Salinas Pliego.

El Salvador, a small tropical nation in Central America, became the first country to adopt Bitcoin as legal tender in early September.

BitMEX CEO Alexander Höptner recently predicted that at least five nations would adopt Bitcoin as their official currency by 2022.

Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.

Mexican President Rules Out Adopting Bitcoin as Legal Tender

Mexican President Rules Out Adopting Bitcoin as Legal Tender

Mexican President Andres Manuel Lopez Obrador has decisively rejected the idea of adopting Bitcoin as legal tender, Expansión Política reports.

During an Oct. 14 press conference, Lopez Obrador said that his administration is trying not to innovate a lot in the area of financial management:

We think that we must maintain orthodoxy in financial management.

He claims that his main objectives are ensuring that Mexicans have good salaries and are rooting out tax evasion.

Lopez Obrador adds that investing in cryptocurrencies is not necessary for financing the country’s development.

Related

Morgan Stanley CEO: Crypto Won't Go Away

In June, the Mexican central bank announced that crypto is off-limits for financial institutions, disrupting the plans of Bitcoin-friendly Mexican billionaire Ricardo Salinas Pliego.

El Salvador, a small tropical nation in Central America, became the first country to adopt Bitcoin as legal tender in early September.

BitMEX CEO Alexander Höptner recently predicted that at least five nations would adopt Bitcoin as their official currency by 2022.

Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.

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