Mexico Representative Pushes for Bitcoin and Crypto Adoption in the Country after El Salvador Legalizes BTC

A day after Central American country El Salvador announced that Bitcoin is now a legal tender in the country, Federal government of Mexico representative, Eduardo Murat Hinojosa, has said that he will push forward the agenda of cryptocurrency adoption in Mexico.

In a tweet, Eduardo Murat Hinojosa explicitly said:

“I will be promoting and proposing a legal framework for crypto coins in Mexico’s lower house.”

With El Salvador already legalizing Bitcoin (BTC), Mexico becomes the latest country to jump on board and legalize crypto. Earlier this week, Paraguay had expressed similar intentions of making Bitcoin legal tender.

Eduardo Murat Hinojosa on Twitter: "Voy a promover y proponer ante la  Cámara de Diputados un marco legal para las criptomonedas en México #btc I  will be promoting and proposing a legal

Mexico’s current Governor of Oaxaca, Eduardo Murat Hinojosa also went on to change the picture of his Twitter profile. It now features the iconic “laser eyes” that express support for cryptocurrency. Laser eyes symbolizes Bitcoin’s activation and the growing power. Stating his intention to put Mexico at the forefront of cryptocurrency adoption, Hinojosa tweeted:

“We are going to lead the shift to crypto and fintech in Mexico.”

A Mexican senator representing the state of Nuevo León, Indira Kempis Martinez, also changed the profile picture of his Twitter handle featuring the symbolic laser eyes. Hinojosa called Indira a friend to the cause of crypto adoption. These symbolic picture profile changes were started in Central America by El Salvador President Nayib Bukele followed by the congressman of Paraguay Carlitos Rejala. By including laser eyes in their profile picture, they announced their active role in the legalization process of Bitcoin in their respective countries.

Mexico has enacted a Fintech law, outlining cryptocurrency’s legal framework, back in March 2018. This law defined cryptos as representations of value that are registered, utilized, and transferred by the public as a means of payment.

In fact, the central bank of Mexico (called Banxico) was granted regulative power over cryptocurrencies by the fintech law. Moreover, the services that involved cryptocurrencies were classified as vulnerable to money laundering. It resulted in rules to report relevant transactions meeting and exceeding a set amount of around US$2.800 to the Mexican government.

It needs to be seen whether Mexico is able to walk the path of El Salvador and embrace Bitcoin as a legal tender.

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