Mexico introduced a new bill definition digital currency bitcoin is accepted more traditional financial enterprises
Mexico recently launched a new bill, the bill will be defined as bitcoin digital assets, and the provisions of the bitcoin exchange business rules.
Mexico bitcoin exchange ISBIT founder Sebastian Acosta Checa talked about this bill from his introduction to us to learn more about the impact of this new bill bitcoin ecosystem.
Mexico proposed new law
Sebastian Acosta Checa said,
“The first draft of the new law is by Mexico credit and public finance minister Jose Antonio Meade (JoseAntonioMeade), presented at the eightieth meeting of the Mexico Association of banks. The meeting was held in Acapulco in March 23rd.
The Central Bank of Mexico will be based on the provisions of the new Act definition applies to coins and other digital assets.”
Mexico administrative departments are implementing this legislation, but in the end still need congressional approval. But the chekanovskogo said, the current Mexico party realized that a new bill can bring benefits to the Mexico economy, it will attract more foreign investors to enter Mexico, so the parties have reached a consensus.
“In an interview that, the bill is part of the Mexico inclusive financial policy, the policy proposed by the president of Mexico in June 21, 2016. One of the central policy focus is to improve the overall level of financial services by technological innovation.
Mexico how to define bitcoin
The Central Bank of Mexico is mainly based on the two criteria to define the “digital assets”:
One is widely used in public, and the industry has a high market value.
Two is to allow the generation, recognition, segmentation and control of these units of the replication protocol, rules and mechanisms.
“Basically, we’re talking about a bank of Mexico accepted currency, the currency used by consensus mechanism and block links.”
The Mexico government hopes to make the economic transition to digital economy by the new law, reduce or eliminate the use of cash, make the tax process more efficient and transparent; establish a regulatory mechanism of automation / intelligent audit supervision, the expansion of high quality and cost of health financial services etc..
Bitcoin exchange reserve requirements
They said that regulators require bitcoin exchange to hold matching with the digital asset stock parity currency is not reasonable, it will kill the exchange business model.
Regulators should not be the purpose of killing the industry, but the formulation of rules, giving consumers more protection, and establish a leading public safety road.
They think, the exchange must be in its vault with debt to digital asset matching, namely the user how much deposit, exchange must have at least the same amount and value of assets. Also, all customer assets must be clearly and exchange business capital and asset segregation.
The time of the commencement of the new Act
The bill will be presented in 2-4 weeks on the next congress. I expect this new bill to a few months. However, it is very important for bitcoin blockchain and technology companies, because according to the draft, effective the first day it will be published from the federal official gazette.
The potential impact of new bill on Mexico bitcoin
They said that the bill will give Mexico bitcoin industry to bring help. Under the supervision of the bitcoin exchange will be regarded as a part of the financial system, will be able to many aspects of economic integration.
“Before many do not agree with the bitcoin payment business, such as remittance companies, hedge funds, pension plan administrator, money transmitters, import and export company, now bitcoin is very interested in.”
They said, “the new regulations will change the game.”