Topic: Mexico is the next El Salvador? (Read 838 times)
Even though it's slightly different from what El Salvador did but despite that putting bitcoin in the legal tender of th country this huge is obviously a big feat. This will motivate many other smaller countries to do the same in order to attract smart VC funding. But financial inclusiveness in Mexico right now is pretty low which means the number of people who'll immediately start using this mode of payment will be very low but yet impactfull.
Months back itself there is statement from the members of the government that the government will propose legislation to make bitcoin legal tender in Mexico. Already several exchanges are operating in the country, so the usage within the country is already good. Right now more than 50% of the Mexican population doesn't have bank accounts. With the adoption of bitcoin they believe several forms of inequality can be eradicated. For now there is no official statement of bitcoin adoption as legal tender in Mexico. If it happens, then Mexico is the largest country to make bitcoin legal tender.
But, the worrying part when this becomes legal tender, some countries could see a huge increase in money laundering and other forms of illegal transactions. Not that I was against on this but the government must secure a concrete plan on how to minimize this thing otherwise, this can be a disaster for their security. If we can see, some countries are opposing this one knowing that this could possibly trigger more illegal actions than helping people to educate crypto for good reason. 
Months back itself there is statement from the members of the government that the government will propose legislation to make bitcoin legal tender in Mexico. Already several exchanges are operating in the country, so the usage within the country is already good. Right now more than 50% of the Mexican population doesn't have bank accounts. With the adoption of bitcoin they believe several forms of inequality can be eradicated. For now there is no official statement of bitcoin adoption as legal tender in Mexico. If it happens, then Mexico is the largest country to make bitcoin legal tender.
This will be great move to see Mexico following the steps of El Salvador and allign with its goal to adopt bitcoin but it will be really interesting to see what approach they follow like complete adoption like El Salvador or making it official currency also.
But as we are moving ahead in time we see more crypto friendly regulations because they also seek profits from it and know bitcoin can be beneficial for the economy giving it a boost and counter tackle inflation to some extent.So really happy to see Mexico next in the line.
But as we are moving ahead in time we see more crypto friendly regulations because they also seek profits from it and know bitcoin can be beneficial for the economy giving it a boost and counter tackle inflation to some extent.So really happy to see Mexico next in the line.
If the Mexican senate and house make a move for Bitcoin to become a legal tender there will be a rigorous study and discussion about it. Everything will be taken into account including money laundering. If Mexico has a very low money laundering cases, there is no issue. But we are talking of an estimated $25 billion dollars of money laundered yearly according to a report from the United Nations. Bitcoin is not illegal in Mexico but another move for additional regulations are being called in order to deter money laundering. Bitcoin is not anonymous but we do know there are strategies to make it anonymous.
I also crave for more countries to follow the footsteps of El Salvador but Mexico appeared not fit for it until money laundering drops bigtime.
if indeed mexico wants to be aligned with el savador as a country that makes bitcoin a legal tender. must also immediately improve the situation in the country, so that bitcoin adoption can work well, and not be used as a justification later.I also crave for more countries to follow the footsteps of El Salvador but Mexico appeared not fit for it until money laundering drops bigtime.
Exactly what you said friend, money laundering in this country seems to have entered all institutions and there must be immediate improvement before bitcoin will be accepted as legal tender.
it is certain that they will continue to be able to improve so that when bitcoin is received it will not actually increase money laundering, which is more uncontrollable. therefore the rules must be made as well as possible in order to overcome the thing that is feared.
hopefully what will be good intentions from mexico can be realized will be the same as el savador and it is not impossible that many will follow this trend.
If the Mexican senate and house make a move for Bitcoin to become a legal tender there will be a rigorous study and discussion about it. Everything will be taken into account including money laundering. If Mexico has a very low money laundering cases, there is no issue. But we are talking of an estimated $25 billion dollars of money laundered yearly according to a report from the United Nations. Bitcoin is not illegal in Mexico but another move for additional regulations are being called in order to deter money laundering. Bitcoin is not anonymous but we do know there are strategies to make it anonymous.
I also crave for more countries to follow the footsteps of El Salvador but Mexico appeared not fit for it until money laundering drops bigtime.
I also crave for more countries to follow the footsteps of El Salvador but Mexico appeared not fit for it until money laundering drops bigtime.
I doubt that the politicians in mexico who are in power will accept to pass this law knowing that in mexico there has been a difficult fight against crime, drug trafficking is one of the great evils that mexico faces and they have a lot of corruption and pass laws on bitcoin could make it easier for crooks to use anonymous cryptocurrencies to commit crimes, laws would not be enough to maintain control that would stop criminals from using cryptocurrencies, places like mexico first need to end corruption and greatly reduce crime and then they can think about passing cryptocurrency laws but for now and as sad as it may be, the government has to focus only on fighting corruption and crimes
you are right, mexico still has a duty to eradicate drugs because mexico is famous for many drug cases which are still there. How is it possible that Mexico will legalize Cryptocurrency as a legal tender, if the crime of illegal drug transactions is still rampant. this will create a big hole that will make it easier for drug cartels to continue to act and not be tracked, payments will be very easy using crypto. The mexican government will find it difficult to decide what to do, they really should focus on fighting drug crimes etc and then be able to discuss crypto later.
I doubt that the politicians in mexico who are in power will accept to pass this law knowing that in mexico there has been a difficult fight against crime, drug trafficking is one of the great evils that mexico faces and they have a lot of corruption and pass laws on bitcoin could make it easier for crooks to use anonymous cryptocurrencies to commit crimes, laws would not be enough to maintain control that would stop criminals from using cryptocurrencies, places like mexico first need to end corruption and greatly reduce crime and then they can think about passing cryptocurrency laws but for now and as sad as it may be, the government has to focus only on fighting corruption and crimes
We can't use an excuse for money laundering against the proposed adoption in Mexico but i believe the house has the final day when the bill is being presented, there will be vote forbthose in support nor against and by then we will all know if truly the majority are in support for bitcoin adoption and regarding the drugs dealers and so on, don't be surprised that even from the government officials there are those behind it and backing it up with steady funds, they have their boys in the business and i think they will have more supportive hands with the adoption considering privacy, security and decentralization they will benefit from but don't quote me wrong am not saying bitcoin is an abored for such.
as I said in my comment, I doubt that such a law will be passed, the situation in mexico is still not good in relation to crime and passing laws on cryptocurrencies is the same as asking criminals to start using anonymous coins and crimes stay still more out of control
The senator showed confidence but until there is a law that passed declaring bitcoin as a legal tender, her words are just opinions. The USA and its DEA will not be happy of this and they will influence the Mexican government to stop this. Mexico is the home of powerful and notorious drug cartels that are supplying drugs in many parts of the world. Money laundering is rampant in Mexico. Billions of US dollars laundered every year in Mexico. If this will push thru, the authorities will impose stiff regulations to counter money laundering.
We can't use an excuse for money laundering against the proposed adoption in Mexico but i believe the house has the final day when the bill is being presented, there will be vote forbthose in support nor against and by then we will all know if truly the majority are in support for bitcoin adoption and regarding the drugs dealers and so on, don't be surprised that even from the government officials there are those behind it and backing it up with steady funds, they have their boys in the business and i think they will have more supportive hands with the adoption considering privacy, security and decentralization they will benefit from but don't quote me wrong am not saying bitcoin is an abored for such.
as I said in my comment, I doubt that such a law will be passed, the situation in mexico is still not good in relation to crime and passing laws on cryptocurrencies is the same as asking criminals to start using anonymous coins and crimes stay still more out of control
The senator showed confidence but until there is a law that passed declaring bitcoin as a legal tender, her words are just opinions. The USA and its DEA will not be happy of this and they will influence the Mexican government to stop this. Mexico is the home of powerful and notorious drug cartels that are supplying drugs in many parts of the world. Money laundering is rampant in Mexico. Billions of US dollars laundered every year in Mexico. If this will push thru, the authorities will impose stiff regulations to counter money laundering.
We can't use an excuse for money laundering against the proposed adoption in Mexico but i believe the house has the final day when the bill is being presented, there will be vote forbthose in support nor against and by then we will all know if truly the majority are in support for bitcoin adoption and regarding the drugs dealers and so on, don't be surprised that even from the government officials there are those behind it and backing it up with steady funds, they have their boys in the business and i think they will have more supportive hands with the adoption considering privacy, security and decentralization they will benefit from but don't quote me wrong am not saying bitcoin is an abored for such.
What are your thoughts about this?
I doubt they will have the same outcome and they don't have the same situation to start with. Also, they will have to wait a several years to know if their decision to their country will be successful. Also, I think you didn't read the news lately and what had happened to El Salvador because it turns out that their experimentation wasn't that much successful unlike they projected it, but it's still good because they are on the process. What I'm trying to say is that Mexico should observe the happenings first so that they can avoid the unimaginable situation that El Salvador is in right now because rich countries like Singapore and UAE doesn't want to experiment as of this time because they can't afford to waste resources and time.
The senator showed confidence but until there is a law that passed declaring bitcoin as a legal tender, her words are just opinions. The USA and its DEA will not be happy of this and they will influence the Mexican government to stop this. Mexico is the home of powerful and notorious drug cartels that are supplying drugs in many parts of the world. Money laundering is rampant in Mexico. Billions of US dollars laundered every year in Mexico. If this will push thru, the authorities will impose stiff regulations to counter money laundering.
I'm not sure if that will be the reason to stop Mexico from adopting and legalizing Bitcoin in their country. I suppose to think that Mexico can make its own decision regarding this, not with the influence of the USA or other parties. It was the legal move and obligation to decide if this is right or if it will create debates. Might this money laundering is a big factor but before crypto, this illegal activities are already rampant in their place which is not the reason to decline Bitcoin into adoption. 
The senator showed confidence but until there is a law that passed declaring bitcoin as a legal tender, her words are just opinions. The USA and its DEA will not be happy of this and they will influence the Mexican government to stop this. Mexico is the home of powerful and notorious drug cartels that are supplying drugs in many parts of the world. Money laundering is rampant in Mexico. Billions of US dollars laundered every year in Mexico. If this will push thru, the authorities will impose stiff regulations to counter money laundering.
I'm not sure if that will be the reason to stop Mexico from adopting and legalizing Bitcoin in their country. I suppose to think that Mexico can make its own decision regarding this, not with the influence of the USA or other parties. It was the legal move and obligation to decide if this is right or if it will create debates. Might this money laundering is a big factor but before crypto, this illegal activities are already rampant in their place which is not the reason to decline Bitcoin into adoption. 
The senator showed confidence but until there is a law that passed declaring bitcoin as a legal tender, her words are just opinions. The USA and its DEA will not be happy of this and they will influence the Mexican government to stop this. Mexico is the home of powerful and notorious drug cartels that are supplying drugs in many parts of the world. Money laundering is rampant in Mexico. Billions of US dollars laundered every year in Mexico. If this will push thru, the authorities will impose stiff regulations to counter money laundering.
I'm not sure if that will be the reason to stop Mexico from adopting and legalizing Bitcoin in their country. I suppose to think that Mexico can make its own decision regarding this, not with the influence of the USA or other parties. It was the legal move and obligation to decide if this is right or if it will create debates. Might this money laundering is a big factor but before crypto, this illegal activities are already rampant in their place which is not the reason to decline Bitcoin into adoption. 
Right, this is why I keep wondering, must every country term Bitcoin a Legal tender before we can see it as being adopted by the country? I think because of local politics in every place, once proposed by a member of a different party might be fought against by others in the next party however, I think if it is not a case of Ban or prohibition as was previously stated by the Mexico's Finance Minister back in 2021, then whether it has been adopted as a legal tender of just allowed to be traded and exchanged in the country would be great as well.
There is acceptance and adoption and I believe the two are significantly different.
A country can decide to accept btc as a payment option without necessarily needs to legally adopt it. In fact, the way I see it.... it will be what most countries will end up doing, make a policy that will allow btc acceptance without adopting it as legal tender since the government will want to maintain their fiat position as the only legal tender.
Bitcoin being a legal tender increases our adoption without any limitation, while I think forcing it on people is not my thing, but legally adopting it gives a clear picture and a free room to buy and sell bitcoin without anyone or security operative abusing people because they don't know its legal status in the country.
I also think being legally adopted in a country send a message to people about the existence of bitcoin when they are in trouble with banks and other microfinance who facilitates transaction without satisfying their customers and it also makes people to live free without being seen as someone who is into fraud. There are countries, especially like mine that think that people who do bitcoin most often than not are into fraud, the society's view on bitcoin needs to be changed, and people need to be exposed to their ignorance.
The senator showed confidence but until there is a law that passed declaring bitcoin as a legal tender, her words are just opinions. The USA and its DEA will not be happy of this and they will influence the Mexican government to stop this. Mexico is the home of powerful and notorious drug cartels that are supplying drugs in many parts of the world. Money laundering is rampant in Mexico. Billions of US dollars laundered every year in Mexico. If this will push thru, the authorities will impose stiff regulations to counter money laundering.
Right, this is why I keep wondering, must every country term Bitcoin a Legal tender before we can see it as being adopted by the country? I think because of local politics in every place, once proposed by a member of a different party might be fought against by others in the next party however, I think if it is not a case of Ban or prohibition as was previously stated by the Mexico's Finance Minister back in 2021, then whether it has been adopted as a legal tender of just allowed to be traded and exchanged in the country would be great as well.
There is acceptance and adoption and I believe the two are significantly different.
A country can decide to accept btc as a payment option without necessarily needs to legally adopt it. In fact, the way I see it.... it will be what most countries will end up doing, make a policy that will allow btc acceptance without adopting it as legal tender since the government will want to maintain their fiat position as the only legal tender.
Likewise, the Ontario Securities Commission from Canada is planning to buy Bitcoin next year along with other cryptocurrencies. This indicates that not only Mexico has considered Bitcoin as something to behold and own, but Brazil and Canada have also begun to make good plans to own Bitcoin and make it an important asset.
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BTC_Archive is the worse source to seek any reliable news ever!
Just look at what that stupid tweet has made you write, you're now thinking that the Ontario SEC is somehow planning on buying bitcoin, which would be impossible in the first place but what's even more amusing is that the actual source was this:
https://cointelegraph.com/news/more-than-30-of-canadians-plan-to-purchase-crypto-by-2024-says-osc-head
Quote
More than 30% of Canadians plan to purchase crypto by 2024 — OSC head
Do you realize the difference between the SEC buying coins for the government and 30% of the population "planning" on maybe doing so?
The second one is just another proof of what farce of a Twitter account that is:
Quote
BRAZIL: 🇧🇷 We can’t keep depending on the dollar.
- Presidential favourite Lula
👉Bitcoin 😉
- Presidential favourite Lula
👉Bitcoin 😉
No, not a word about Bitcoin, in reality the quote was this:
https://multipolarista.com/2022/05/04/brazil-lula-latin-america-currency-us-dollar/
Quote
If he returns to the presidency, “We are going to create a currency in Latin America, because we can’t keep depending on the dollar,” Lula said in a speech at a rally on May 2.
He revealed that the currency would be called the Sur, which means “South” in Spanish.
Lula explained that countries in Latin America could still keep their sovereign domestic currency, but they could use the Sur to do bilateral trade with each other, instead of having to exchange for US dollars.
He revealed that the currency would be called the Sur, which means “South” in Spanish.
Lula explained that countries in Latin America could still keep their sovereign domestic currency, but they could use the Sur to do bilateral trade with each other, instead of having to exchange for US dollars.
Unsubscribe, it's the only healthy way!
It’s just basically a new scheme of Mexico to impose tax on Bitcoins that’s all.
Bitcoin does not have to be legal tender to be taxed, because then taxes on cryptocurrencies would not exist practically anywhere in the world. Actually, it doesn't matter what you sold, but how much you earned buying/selling something, even if it was Bitcoin. If Mexico wants to tax Bitcoin, then it just needs to be added to the list of everything that is already taxable.
In fact, it is already defined by their law.
Like most countries, cryptocurrency simply bought and held isn’t taxable in Mexico. However, once a cryptocurrency is sold for a profit or realised gain, that triggers a taxable event. Residents of Mexico pay taxes on all their income earned, with rates ranging from 1.92 percent to 35 percent depending on their specific income bracket.
In general, several countries in the American continent have followed in El Salvador's footsteps by seeing Bitcoin as an important asset and very need to be considered because certain people and parties such as the Brazilian presidential candidate named Lula have also seen Bitcoin as a very clear future and have even telling everyone not to continue to depend on the dollar.
Likewise, the Ontario Securities Commission from Canada is planning to buy Bitcoin next year along with other cryptocurrencies. This indicates that not only Mexico has considered Bitcoin as something to behold and own, but Brazil and Canada have also begun to make good plans to own Bitcoin and make it an important asset.
Thus the adoption of Bitcoin has grown so fast nowadays. Society, individuals and large groups have seen Bitcoin as a promising asset, not only as an investment but also as an important asset, many countries are starting to open up to bitcoin adoption and acceptance, so there is no loophole to resist this progress.Likewise, the Ontario Securities Commission from Canada is planning to buy Bitcoin next year along with other cryptocurrencies. This indicates that not only Mexico has considered Bitcoin as something to behold and own, but Brazil and Canada have also begun to make good plans to own Bitcoin and make it an important asset.
In the future this section will be more extensive, given the many benefits that can be derived from adoption, as an asset and investment in bitcoin.
So now, Mexico seems started to take a look at this case too, using Bitcoin as a legal tender in their country.
Mexico got 128million population right now and El Salvador got around 7 million population according to Google.
It seems this will be a very big win for the Bitcoin community once will be implemented.
What are your thoughts about this?
After El Salvador adoption of bitcoin, then I'm sure there are several other countries that have adopted it as well. Now Mexico, I don't know if it will be the next bitcoin adopting country or maybe not but of course I will support the idea and plan. Hopefully, there will be many other countries to adopt bitcoin like El Salvador and legalize it as a means of payment.Mexico got 128million population right now and El Salvador got around 7 million population according to Google.
It seems this will be a very big win for the Bitcoin community once will be implemented.
What are your thoughts about this?
Mexico's high population is expected to make a big contribution to the market so price can be higher. But I don't think all Mexicans will like it especially in the early days of adoption. Just like El Salvador, some groups protested but eventually adoption took place.
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