President of Mexico has no plans of making bitcoin legal tender

The President is more preoccupied with tax evasion than copying El Salvador's move

Andrés Manuel López Obrador, president of México spoke at his morning press conference in Palacio Nacional - Photo: Shutterstock

Mexican president Andrés Manuel López Obrador announced that he has no intention of following in El Salvador’s footsteps and making bitcoin legal tender.

At a press conference on 14 October, Obrador categorically stated that Mexico will not be adjusting its position on crypto. We are not going to change in that aspect. We think that we must maintain orthodoxy in the management of finances [and] not try to innovate much in financial management.”

Instead, the president has set his focus on tax evasion: “[We want to make sure] that there are no privileges, that everyone contributes [with their taxes] and that is enough.”

The Bank of Mexico is also sceptical regarding crypto

The Bank of Mexico and the National Banking and Securities Commission have previously both issued a statement in June this year warning that financial institutions were “not authorised to carry out and offer to the public operations with virtual assets”.

The president made these comments relating to the lead cryptocurrency, after being questioned by a news reporter if Mexico was following the move El Salvador has made in making bitcoin legal tender.

Mexico's bitcoin supporters

Despite the president's comments, Mexico does have well-known bitcoin enthusiasts who promote the crypto.

Billionaire, Ricardo Salinas Pilego who is the founder of Banco Azteca, a bank which operates in Mexico, Panama, Guatemala, Honduras, Peru and El Salvador is a supporter of bitcoin.

Eduardo Murat Hinojosa, a Senator of the Federal Government of Mexico laid out his support of bitcoin, tweeting: "I will be promoting and proposing a legal framework for crypto coins in Mexico's lower house #btc."

Hinojosa has also added red laser eyes to his Twitter profile picture, which is a trend among bitcoin bulls who believe the lead crypto will continue to soar in price.

Further reading: Cardano founder predicts other nations will copy El Salvador

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