Mexico’s legislature will introduce a new law governing bitcoin and financial technology companies

nWalkout commentary: As more and more governments begin to enact legislation that gives clear guidance on the use of cryptocurrencies locally, the Mexican legislature is accelerating that effort. Currently, the Senate has passed a bill that will provide legal clarity to Bitcoin companies in managing the cryptocurrency market. It is reported that this bill may be approved by the House of Representatives in mid-month.n
nTranslation: Inan
The Mexican Senate has approved a financial technology act that will include local bitcoin exchanges under the supervision of its central bank.n
The bill, which passed the Mexican Senate deliberation on December 5, laid the groundwork for its acceptance and approval in the House of Representatives, Reuters reported. Reuters sources quoted sources as saying the bill is expected to be passed by the House of Representatives on December 15.n
As we reported earlier, this act will clarify that bitcoin and other cryptocurrencies are not legal tender in Mexico. In addition, exchanges and other companies dealing with cryptocurrencies will be officially regulated by the Banco de Mexico.n
The legislative update is aimed at providing legal clarity to companies that are using Bitcoin to create new products and services.n
However, as the Reuters stressed, the details of the bill have not been set, as the so-called sub-law may further refine the bill.n
A statement from Mexican Central Bank officials revealed how the central bank will probably manage cryptocurrencies. Earlier this year, local media reported that the bank’s president, Agustin Carstens, said that Bitcoin should be treated more as a commodity than as a currency.n
The central bank in Mexico issued a ban in mid-2014 and did not allow local banks to deal directly with bitcoin.n

Leave a Reply

Your email address will not be published. Required fields are marked *