Bitcoin news

Bitcoin, Mexico will not approve its legal tender

This was declared by the President, Andres Manuel Lopez Obrador

Mexico is called out of the race for legal adoption of the Bitcoin. This was clarified by the President, Andres Manuel Lopez Obrador, during a press conference. During which AMLO, as he is called by his supporters, recalled that his government is currently engaged in what is considered a key point of its action, namely the fight against tax evasion. With the main intention of making sure that everyone pays what is due, consequently preventing the formation of pockets of privilege.
Lopez Obrador's claims come just as many Central and Southern countries America they are increasingly converting to the digital economy. Consequently, looking at Bitcoin as an essential tool in this regard.

bitcoin consumption - Bitcoin, Mexico will not approve its legal tender

Reactions within Mexico

Lopez Obrador's words naturally sparked discussion within Mexico about cryptocurrency. In which contrary opinions were also reported, starting from that of Indira Kempis, the senator of the state of Nuevo Leon. Which compared the situation in her country to that of El Salvador, wondering why it is not possible to take the same decision made by Nayib Bukele. However, which caused massive protests from the population, caused in particular by the obligation to accept the token with regard to payments for goods and services. An extremely controversial part of the Bitcoin Law, such as to cause great concern within the country.
To be emphasized as in the meantime Ricardo Salinas Pliego, the third richest man in the country, has revealed that he owns Bitcoin. Specifying that cryptocurrencies now represent 10% of his investment portfolio. That is the amount that experts usually recommend to reserve for gold.

The legal tender of Bitcoin goes against the principles of cryptocurrencies, according to Vitalik Buterin

If in many countries, including the Paraguay, we begin to theorize the legal tender of Bitcoin, however, it must be emphasized that important pieces of the cryptographic sector are criticizing this trend. Starting from Vitalik Buterin, the creator of Ethereum, according to which imposing the use of BTC on the population, as the Salvadoran Bitcoin Law does, represents one blatant violation of the libertarian ideology on which digital money was conceived.
A point of view that must certainly be taken into account, in light of the importance of Buterin and the fact that precisely this kind of measures could pave the way for state control of cryptocurrencies. That is what cryptofans have fought against since the beginning.

The Latin American continent leads the mass adoption of cryptocurrencies

If El Salvador is facing street protests by the population against the legal tender of Bitcoin, other countries seem to be heading in the same direction. From Brazil, which appears willing to give life to a similar provision. It remains to be seen whether Bolsonaro will want to follow the same path as Bukele, in light of the same authoritarian tendencies that unite the two characters. Or whether it will leave the freedom to adopt BTC or not, equating it to the sovereign currency.
While il Venezuela has decided to tackle the problem in another way, namely by passing a law relating to digital assets, with the intention of using them for the digitalization of the economy. A decision which in practice preludes the debut of digital bolivar, the CBDC which in the government's plans would go alongside the Petro. Thus giving a further weapon to Maduro in order to circumvent the embargo put in place for years by the United States.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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