Bitcoin Forum

We all know that El Salvador is already using Bitcoin as legal tender officially and there is already a lot of good feedback from it, there are already some people visiting or migrating to El Salvador because of Bitcoin being a legal tender, but on the other hand, there are still some people criticizing it and talking negative things about El Salvador's decision.

So now, Mexico seems started to take a look at this case too, using Bitcoin as a legal tender in their country.
Mexico got 128million population right now and El Salvador got around 7 million population according to Google.
It seems this will be a very big win for the Bitcoin community once will be implemented.

What are your thoughts about this?

https://i.imgur.com/863xbeX.png

First please get some facts right! El-Salvador did not just make bitcoin legal tender but they made it the official currency. Mexico is not going to do the same! They are going to adopt bitcoin as a legal tender alongside their official currency system. So both cases are different.

That's a wise way to do it unlike El-Salvador! This way Mexico will be able to protect themselves from bitcoin's volatility while enjoying the innovation!

Yes, it is possible. Bitcoin is virtual but has a monetary value which means users can freely send money to each other without dealing with exorbitant fees and without the need for a bank account. As technology advances, so does its capacity to meet our needs. This can be seen through the rise of bitcoin.

Bitcoin is slowly but surely penetrating the global economy, and in our modern world, it is a currency that generates less friction than fiat currencies. This is definitely worth a look for those who are interested in such things including Mexico and in my opinion using bitcoin is safer and just as easy in other words a new way for people to send money quickly and securely to each other around the world.

The huge difference in population will make a difference when it comes to adoption.
If in case their politicians will push thru with this initiative, this will give a very good boost with the crypto market, not only with bitcoin.
But will the Mexican government ready to abandon their Mexican peso?
Otherwise, they can regulate the existence of bitcoin and other alts in their financial market, so the adoption will further increase.
Because some of their citizens will see it as positive if the government is having positive approach towards this market and they have laws in place.

So if one Mexican senator(who happens to be pro-Bitcoin) says that Bitcoin will become legal tender in Mexico this automatically means that Bitcoin will become legal tender in Mexico. It doesn't work that way. ;D
What if a US congressman or senator says that Bitcoin will become legal tender in the USA? Would you believe this news? I wouldn't.
I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.

I think is the same either haha. i mean i would agree with you the country should protect them against bitcoin volatility.

adopting bitcoin is good but first we must get the straight line of rule about cryptocurrency first

Bitcoin has become the best alternative to faint currency, so most countries around the world are busy building an economic framework around the young growing cryptocurrency industry.

The Mexican senator that hinted at this development made it clear that Bitcoin adoption is not an opinion that knows what decentralization is and how unstoppable Bitcoin penetration is in their country's economy.

But I will advise the Mexican government to do more work on citizens' awareness and education about Bitcoin and how it works, this way the citizens will be well educated on Bitcoin which makes it easy for mainstream adoption and how to benefit from its Bitcoin volatilities.

In 2011 Mexico was the most visited country in the world with more than 22 million international arrivals, Mexico is also one of the largest economies in the world Mexico is ranked 14th and they are also the largest regional economy since 1994, with The economic power they have is very difficult for us to believe with this news, it is impossible for Mexico to follow El Salvador's steps to make bitcoin a legal tender, but to legalize bitcoin I believe, because they have officially installed bitcoin ATMs in the senate building as a symbol of freedom. financial.

What people forget is that adopting bitcoin as legal tender doesn't mean people are going to embrace bitcoin or for their economy to improve right away. It's all about building the ground work and the infrastructure needed for an easier adoption over the long term. You can't expect a revolution overnight.

Agree, dont get it why some people thought that you only using or adopting Bitcoin at a desperate time, economy being in a tight spot. I even see Mexico should've adopted Bitcoin sooner cause the number of remittances from Chicano living in the US was a lot. Especially some of them might not have all the proper paper to get their hard-earn money back to their family in Mexico through legal means.

Though, there are always two sides of the same coin. For once, Bitcoin solves the problem above but drug cartels, human trafficking gangs could also benefit from it. They could hide their money rail easier by using Bitcoin and you know how they said 'follow the money trail' to burst criminal activity. Still on the fence about this news.

Well, it could have worked that way if the said senator was the head of its party and that party would be the leading one, but in this case, it's just one senator from a party that has 7% of the seats, that has lost votes compared to the previous election and they are actually in some sort of opposition to the current government, so her opinion is like nothing, unfortunately.

What matters is what the ruling party is thinking, the former finance minister was definitely anti-bitcoin (https://www.nasdaq.com/articles/mexicos-finance-minister-confirms-cryptos-are-banned-from-financial-system-2021-06-28), he was actually the one thinking of a complete ban not just for financial institutions, but the new guy seems more understandable, maybe just maybe we will see some softening in the current anti-bitcoin stance.

Obviously, opposition politicians are trying to win a few political points by promising something that they cannot realistically fulfill because they are not in power, and it is unlikely that they will change that in the near future. Recycling news like this every few months will unfortunately not change anything.

Mexican senator proposes bill to make Bitcoin legal tender (https://bitcointalk.org/index.php?topic=5404981.0) (03 July 2022)

In addition, does Bitcoin need to be legal tender anywhere in the world to be a legal means of payment? Of course, that is not necessary, not even when it comes to Mexico...

A supermarket in Mexico now allows Bitcoin payments for all their items (https://bitcointalk.org/index.php?topic=5378262.0) (23 December 2021)

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El Salvador has had the USD as its national currency for more than 20 years, and it still has it today. Mexico can do the same thing as ES, they certainly won't ditch their Mexican peso and replace it with Bitcoin. Of course, all of this is in the head of an opposition member of parliament, and those in power don't really care too much about what the opposition thinks or proposes.

I guess the point of the OP is that there will be a second country that most likely be adopting bitcoin. So that is enough for us to see this as a welcoming news.


El Salvador knows the risk but they decided to gamble with it and go and make it a legal tender. Only time can tell if they are going to be successful or not. We are just in the bear market that's why many proponents or at least anti-bitcoin in El Salvador doesn't see any positive with the government's move.

The legal tender in El Salvador makes lot of hype and their government did good plan from law, legal tender announcement to build up Chivo wallet and airdrop distributions to citizens. The airdrop distribution is helpful to expose their citizens with Bitcoin but if to say all feedback are good, I don't agree.

Months after airdrop distribution plus the bear market, many people no longer want or more hesitate to accept Bitcoin for their business in El Salvador. They have solid reason, if you have a business and also are a long term investor, you can accept Bitcoin without fear that it will have -15% drop tomorrow. If you have a start up that is small and vulnerable enough, accepting Bitcoin is risky for your company.

Absolutely, it is going to be a work in progress for btc adoption and usage, because as it is now, people are more interested in th speculative aspect than payment aspect. Although it is not unachievable, it will really take some time, the important thing is the adoption and acceptance legally, once this is achieved, rest will happen gradually.

Based on the positive impact when El Salvador adopts Bitcoin visible to the surface, especially in Mexico which incidentally has a larger population, it is possible that we will be faster in its growth towards mass adoption. But the problem is whether the proposal can be realized and approved by the Mexican parliament which has more votes for its impartiality to Bitcoin. Indira Kempis is the opposition and now on her Twitter, she seems to be showing her alignment with Bitcoin. Or is this just a ride for his political interests? because this is usually to attract public sympathy, especially young people but in practice, the politician does not actually deliver 1% of what he promises. Despite his personal interests, he has been pro-Bitcoin for a long time, and maybe in the next election, he will still declare the same topic. It's just a matter of waiting for the public's response whether he is in a favorable position or if it is the coalition that has controlled the government.

What is actually the difference between a legal tender and an official currency? I think they're the same. In El Salvador, it is not just Bitcoin that is the official currency. The US dollar remains as one of the country's official currency alongside Bitcoin. El Salvadoran businesses cannot abandon the US dollar as a payment option because it is also the country's official currency. They cannot refuse customers who prefer to use the US dollar in buying goods and services.

I think this proposal to declare Bitcoin as a legal tender in Mexico is still far from happening.

More countries will come in next 5 years surely for seeing goodness of bitcoin because if a country made bitcoin legal tender , it gives power to people for transaction without any transaction fees and third party includance

Kempis had proposed a bitcoin legalization bill a few months ago then unfortunately got a negative response especially for Mexico's central bank. Don't know if it has progressed so far so that it becomes a plan that will be realized in the near future.

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Was that part of the plan? So far I haven't seen any news that Mexico is experiencing bad economic conditions which is a reason to write off their currency.

Most probably no, like El Salvador also didn't ditch USD.
I have a feeling you don't know exactly what legal tender means hence you have more expectations from it than you should.


I find it more interesting like El Salvador, more like Central African Republic, since Mexico has its own proper currency. I expect quite some opposition from Central Bank's side.
Plus, as said, Mexico is a big country with big population. If this is going to happen, it would be cool.

Did some research and found out this is old news op. This bill was proposed by the senator that you mentioned way back in July and there haven't been any updates since then which implies that this proposal most probably got rejected.

This is just another proposal which got swept under the rug as expected due to fierce opposition by their central bank and other similar authorities.

I’ve been looking around for a while on Mexican written media, and as I expected, there isn’t really anything new that has changed in the situation to back those words on twitter, or further elaborate on them.

Sure she is a strong advocate for bitcoin (although with some quasi-conflicting side ideas (https://www.nasdaq.com/articles/pro-bitcoin-mexican-senator-proposes-cbdc-legislation)), and has proposed this past summer making bitcoin legal tender (https://news.bitcoin.com/senator-indira-kempis-proposes-bill-to-make-bitcoin-legal-tender-in-mexico/) in the country (of which we haven’t heard back from to date), but the Tweet does lack some additional substance to credit the assertion. She’s got a good chance though to elaborate on the matter next month at the Adopting Bitcoin conference (https://www.prnewswire.com/news-releases/el-salvador-hosts-adopting-bitcoin-conference-as-nation-promotes-financial-freedom-301635345.html) in El Salvador …

What makes you think so? If making Bitcoin as a legal tender of the country was such a wrong move and he made this realization, why not just take back everything and declare that Bitcoin should cease as a legal tender? Why didn't the government of El Salvador declare the experiment a failure? After all the country still have another legal tender left. They just need to stay away from Bitcoin.

Have you heard of Bukele's statements lately? And also, if Bitcoin is used as a currency for international remittances of overseas workers, of which El Salvador has a lot, I don't think it matters so much that the price has fallen a lot.

You are right, this is just the opinion of a congressman who loves bitcoin so it doesn't work that way. At the beginning of January, the central bank of Mexico announced that it is working on creating a digital peso, which means it is intending to use CBDC in its country and hopes it will be rolled out in 2024. With this statement, it seems that accepting bitcoin as legal tender in Mexico is very unlikely to materialize. In the past, there were also many congressmen who proposed to make bitcoin legal tender in the country but things still did not work out.

This senator has long been a bitcoin advocate, but just because she is a bitcoin enthusiast doesn't mean anything if she doesn't have enough support.

She has already been discussed in the forum as a result of this:

Bill Proposes to Make Bitcoin Legal Tender in Mexico (https://news.bitcoin.com/senator-indira-kempis-proposes-bill-to-make-bitcoin-legal-tender-in-mexico/)

But it seems that she does not have enough support. As long as she does not, what she says in the future is only her opinion.

When El Salvador decided to make Bitcoin its legal tender, it actually got no official currency of its own (please correct me if I am wrong with this impression) but with Mexico they got their own official and national currency already so what they are doing is just recognizing Bitcoin as an official "money" where people can use as a medium of exchange. Now, I am not sure if this will result into many good things for the country but I think the officials in there must be looking at positive impact with this decision. Let's hope this experiment can push Bitcoin to the consciousness of millions of Mexicans...though am sure its use in illicit drug business is going to also be a part of the total mix.

A priori I would say that it is on a waiting list, that is, I do not take away the true intention but so far we have had great announcements and they do not end in bitcoin as legal tender, on the other hand I think that making bitcoin legal has the same political intentions and social in Mexico, the difference is that El Salvador has a leader in Bukele, who for now seems to me to be one of the best reserves to keep bitcoin dormant in El Salvador.

Mexico has legislation on bitcoin and what it seeks is to improve existing laws , and that takes it away from its title, but in reality what matters is that bitcoin is present and creating a need for use.

Very big win only if those 128 million peeps started accepting bitcoin with full state of mind. Unlike El Salvador where many peeps stood against this policy of bitcoin and hated the fact that the government is supporting something which they do not understand or at least their country does not need right now!! Like they need more facilities of health care or more employment rather than new transaction system and new ways of payment systems.

However, this is indeed positive news for Bitcoiners like you and me. Since in the future we could be having stable assets from legal tenders of bitcoin from Mexican government itself. Could be influencing for sure.

For me, it's all good. It's still people's choice, they have still their own choice. The good thing here is being flexible, lot of choices for your payment methods in your country. For example, if you are shopping online which particular online store, got some choices about which payment provider you want to pay.
So, if people don't use Bitcoin as payment, it's good. If they want to use, it's good too.

I'm curious about the source of your claim about "peeps" being against bitcoin adoption in El Salvador. Specially since it doesn't really cost anything to adopt bitcoin! How much money did the El Salvador government spend on it anyways? Hire some programmers to create that wallet and pay them a grand?! You can't build health facilities with that much money.

As long as El-Savador has make it through with adoption, Central African Republic followed, we've got some other countries showing interest as well but yet to derive on a conclusion and Mexico in these has also join the likes of Paraguay, Panama and other desiring countries that were on the edge of adoption, but i will also employ them to adequately plan ahead this decision without considering external influx on their decision.

@pooya87, I think that a lot of controversy was created through some media articles in which they tried to show that the vast majority of people in ES protested against Bitcoin, but I think that this is far from the truth if we consider that the main opponents were politicians from the opposition and their few followers. At the time when Bitcoin became a legal tender in that country, there were some kind of protests that had nothing to do with Bitcoin, and then one of the Bitcoin ATMs was set on fire, which the on-duty critics immediately used to create a false image of how local residents perceive Bitcoin.

If 70% or more of the people in that country are unbanked and live in rural areas, mainly engaged in agriculture, cattle breeding or fishing, then it is not logical that they are against something that they do not even really understand.

As for the costs of introducing Bitcoin as a legal tender, it was not only the software but also the hundreds of ATMs that were installed in ES, but also in all major US cities. However, we know that the key role in everything was played by the Tether guys, and that ES could very easily declare one altcoin (cardano) as a legal tender because they were in serious negotiations with them.

It doesn't matter when you start, it's not an idea that would make you rich overnight and this is a whole nation we are talking about. They kept on buying more and more bitcoins after that, even though the initial investment wasn't at the bottom, they did buy some at the bottom levels as well, which means they already did DCA, so if a whole nation could wait, which governments usually do because they could have investments take as long as 20-25 years to mature, then it's going to be an insanely good investment for sure.

I do not think that President really regrets it, he is still doing it and still buying some, so I feel like he must be happy about it if he is still doing it.

Thanks as I've been looking for a link to that but it seems that proposals and initiatives have different meanings in the Mexican parliament
So, in short, her proposal:
https://www.senado.gob.mx/64/gaceta_del_senado/documento/125056
doesn't have a date for deliberation even now, and she is the only one that is backing this, it hasn't made it even to a discussion from the financial council so the way things are going it might not come to a vote on it by the time the actual parliament is in power.

I've gone through a lot of her proposals here:
https://www.senado.gob.mx/64/senador/1145
and seem like in like 90% of thecases he can't convince anyone to back her proposals in a commission, not even her colleagues while when it comes to others from his own party they all have a dozen of backers from other parties included, for example Patricia Mercado (https://www.senado.gob.mx/64/senador/1271)


Oh yeah, the magical 400 million in fees saved while Salvadorians have moved only 50 million in total in half a year.
I'm curious why the government isn't releasing any numbers on how much this whole thing actually costs, the installation, the machines, the rent, the wages paid for the ones coordinating and managing all, how much have they paid AlphaPoint to fix the network garbage Athena delivered for millions, and many more but that's probably not laser eyes material.

It’s actually this link that is the latest entry as far as I’m aware:
https://www.senado.gob.mx/64/gaceta_del_senado/documento/125472

She amended the previous one in the course of a two-week timespan apparently, and explicitly included the following reference (translated):

That is, in fact, the only reference to bitcoin in the document. I presume that the arguments in favour are heavily laid out elsewhere …

I spent some time yesterday trying to see if there was any information on how and when this subject was to be treated, or even if there was an upper limit in terms of time, but came up empty handed so far.

To be fair, I saw reports that El Salvador's adoption failed (it didn't completely fail, of course, but the point was that despite much effort from the government, mass adoption of Bitcoin in this country did not occur), so it's not all good feedback. Still, it's a country that really tried, and it can still attract more crypto users both within and outside the country. Mexico adopting Bitcoin as a legal tender would be huge, as it's indeed a much bigger country and economy. However, one senator saying that Bitcoin becoming legal tender is not a matter of opinion does not actually make it less of an opinion. Adoption would be required by the majority of MPs and/or other authorities (I am not sure which institutions have most power over economic regulations like this in Mexico). One senator isn't enough.

Didn't El Salvador also not abandon their fiat, which is the USD? I remember reports that the actual amount that the state is keeping in Bitcoin is very small. Moreover, do we really know how (if at all) Mexico will adopt Bitcoin (I mean, in detail, so that we could assess how similar or different this is to El Salvador)? Is there at least a project law already?

I think the idea of adopting BTC as a legal tender by Mexico is very much a welcome initiative.
This is will further grow the community around BTC. Compared to Elsalvador with a population of about 7 mil, Mexico has a population of about 120 mil.
And of course, not everyone is going to accept it.

Mexico is much more susceptible to political pressure than El Salvador.  Even El Salvador was receiving a lot of urging to step away from Bitcoin.  I imagine Mexico would find a lot of issues with trying to go the El Salvador route.  They are much more easily punished financially than El Salvador.  With all of the issues Mexico is facing, even with El Salvador's imminent success, I think they aren't ready to be the next one to go to Bitcoin.  More likely in my opinion is that smaller countries more distanced from the dollar will be next up.  I'm thinking countries in Africa or possibly more small South American countries.

Indira's words are a bit strong though, I like that it's a bit risque but hey, we are crypto enthusiasts and we eat risk for breakfast. That's how things or trends starts, from scratch. People resist change so you have to take them little by little if you want to make sure that your foothold is strong. Some still resist the future but we have to be there to know what's going to happen next.

They have one reason why they adopt Bitcoin, maybe you are talking about the way or strategies they used. However, no matter what it is at least we see a number of countries moving in and adopting Bitcoin as a form of currency. Singapore, Mexico, and El Salvador... are not quite huge countries but they somehow appreciate and value Bitcoin. Big credit to El Salvador to make the first push and even receiving a lot of criticism but still, they are doing their best to succeed.

Right, this is why I keep wondering, must every country term Bitcoin a Legal tender before we can see it as being adopted by the country? I think because of local politics in every place, once proposed by a member of a different party might be fought against by others in the next party however, I think if it is not a case of Ban or prohibition as was previously stated by the Mexico's Finance Minister (http://news.bitcoin.com/mexicos-finance-minister-cryptocurrencies-are-prohibited-from-being-used-in-financial-system/) back in 2021, then whether it has been adopted as a legal tender of just allowed to be traded and exchanged in the country would be great as well.

In Mexico bitcoin is legal, but isn't considered money, for Mexicans Bitcoin is a Digital Asset...This means it isn't considered money as El Salvador did. And the difference between a Digital Asset and Money is: With money you can buy and sell things and get an invoice to pay taxes from the transaction, but with a digital asset you only can trade it for other products, and you can't get an invoice from that trade.

So, the answer is No, Mexico will no be the next El Salvador.

I will welcome this news very positively, adoption is always expected to increase from day to day even if it is still on a small scale or individual. Honestly, I want to hear and see a fact that adoption is also expected to occur in many Asian countries in the future, bitcoin is certainly very feasible as an alternative digital payment solution.

Regarding Mexico's bitcoin adoption plans, I hope they can learn something from El Salvador so they can avoid mistakes that El Salvador may not have realized since its adoption.

Are people really travelling to El Salvador because of Bitcoin been used as a legal tender ?
I really don't think so because even with Bitcoin as an asset people definitely will still travel down to El Salvador to do their task and duties. It will be of great news if truly Mexico is moving to adopt Bitcoin as a legal tender because it will on the other hand not just boast Mexico's economy but also help as a positive drive for the Bitcoin community and People definitely will talk bad and ill of Bitcoin but that doesn't mean it wouldn't thrive if the necessary measures are taken.


You don't expect this much population to accept Bitcoin as a legal tender at once because Bitcoin in El Salvador that has accepted it as a legal tender, still faces so much criticism and Mexico accepting this with over 10 times population of El Salvador definitely wouldn't be easy, and a proper sensitization must have to be carried out constructively.

That's right, we don't have to start on a global scale because this is a process and Crypto is not something to be forced because it won't be good in the end so it will be better if it starts little by little so that in the end it will be good because we can't force our will other people and this change needs to be based on one's own desires to be in harmony later.
There are some cases that are forced and only look at profits without realizing the risks that lead to a lot of people feeling cheated or whatever the language is called Crypto.

• No, Mexico is not next El Salvador
• It became a hot topic when el salvador made bitcoin as their legal currency but it has low effect on crypto community. People are shifting to Dubai more than el salvador

Until any major country (US, UK, China, India etc) accepts as bitcoin as currency (not as a asset), situation will be the same. But I don't think it is going to happen anytime soon.

This would be a piece of very good news if this happened one day in reality for Mexico, but that's still not something we can be sure about it from the Mexican government's side, because we can only be sure about this news whenever there is official news from the government side, here what we see is just something from a Mexican senator, but if that's happening in Mexico I'm not gonna be surprised since bitcoin is getting progress and spreading in all over the world while in any government they consider accepting bitcoin

The difference is clear that not only does El Salvador accept payments using bitcoin, but El Salvador also makes bitcoin its official currency, whereas Mexico has its own currency and they only accept bitcoin as payment adoption. To surpass El Salvador seems unlikely, but to perfect the adoption is more relevant, if public awareness in Mexico grows in the next few years, then the will proceed quickly and perfectly.

In general, several countries in the American continent have followed in El Salvador's footsteps by seeing Bitcoin as an important asset and very need to be considered because certain people and parties such as the Brazilian presidential candidate named Lula have also seen Bitcoin as a very clear future and have even telling everyone not to continue to depend on the dollar.

Likewise, the Ontario Securities Commission from Canada is planning to buy Bitcoin next year along with other cryptocurrencies. This indicates that not only Mexico has considered Bitcoin as something to behold and own, but Brazil and Canada have also begun to make good plans to own Bitcoin and make it an important asset.

Source:

• Canada: https://twitter.com/BTC_Archive/status/1578332424659865605
• Brazilian: https://twitter.com/BTC_Archive/status/1578331556648611840

First, you argue that the opinion of one senator doesn't really mean anything, and then you ask the question whether there is any kind of project at all? Isn't that completely illogical? This whole thing shows the absurdity of the basic understanding of things that, for reasons of news recycling, are brought into completely meaningless connections.

El Salvador has a president who is part of the ruling and majority party in the parliament and who is pro-Bitcoin, and Mexico has a senator in the parliament who has a fantasy in his head...


Seriously? After hundreds of pages on the forum on that topic, you ask this question? The USD has been the official currency in El Salvador for more than 20 years and it is still the same today.

El Salvador is the first country who make Bitcoin legal tender. Besides the president accumulate a lot of Bitcoin as well which brings a positive impact. That's why some other countries probably considering or wondering to make Bitcoin legal tender. If Mexico decides this then welcome. They might take advantage of Bitcoin. Don't know if it's true and they promote Bitcoin hardly like El Salvador. If so, more countries would encourage to do so.

Therefore, what an official senator of Mexico is doing is just another proposal to be discussed in their senate.
And when the result of his suggestion turned out to be positive, it was another positive result for Bitcoin or cryptocurrency.

It's just funny to think that it seems like many countries don't like and are very negative about bitcoin and after 13 years of staying in this period, now it's slowly accepting the concept that Bitcoin has and what good it brings blockchain technology to the economy of each country.

Oh, these countries are many and your view and advice are right about this adoption by them. Yet to me, it is not about adoption alone but careful planning and adopting at the right time and price. As much as we Bitcoiners are proud of El Salvador being on the frontline in this development, the adoption was not well-planned, which brought about protests and others. They are lucky to have bought it at it $19000 which is relatively low. But any country that buys/adopts it at higher prices might regret it if care is not taken.

After El Salvador adoption of bitcoin, then I'm sure there are several other countries that have adopted it as well. Now Mexico, I don't know if it will be the next bitcoin adopting country or maybe not but of course I will support the idea and plan. Hopefully, there will be many other countries to adopt bitcoin like El Salvador and legalize it as a means of payment.

Mexico's high population is expected to make a big contribution to the market so price can be higher. But I don't think all Mexicans will like it especially in the early days of adoption. Just like El Salvador, some groups protested but eventually adoption took place.

Thus the adoption of Bitcoin has grown so fast nowadays. Society, individuals and large groups have seen Bitcoin as a promising asset, not only as an investment but also as an important asset, many countries are starting to open up to bitcoin adoption and acceptance, so there is no loophole to resist this progress.
In the future this section will be more extensive, given the many benefits that can be derived from adoption, as an asset and investment in bitcoin.

Bitcoin does not have to be legal tender to be taxed, because then taxes on cryptocurrencies would not exist practically anywhere in the world. Actually, it doesn't matter what you sold, but how much you earned buying/selling something, even if it was Bitcoin. If Mexico wants to tax Bitcoin, then it just needs to be added to the list of everything that is already taxable.

In fact, it is already defined by their law.

BTC_Archive is the worse source to seek any reliable news ever!
Just look at what that stupid tweet has made you write, you're now thinking that the Ontario SEC is somehow planning on buying bitcoin, which would be impossible in the first place but what's even more amusing is that the actual source was this:

https://cointelegraph.com/news/more-than-30-of-canadians-plan-to-purchase-crypto-by-2024-says-osc-head

Do you realize the difference between the SEC buying coins for the government and 30% of the population "planning" on maybe doing so?

The second one is just another proof of what farce of a Twitter account that is:


No, not a word about Bitcoin, in reality the quote was this:
https://multipolarista.com/2022/05/04/brazil-lula-latin-america-currency-us-dollar/


Unsubscribe, it's the only healthy way!

There is acceptance and adoption and I believe the two are significantly different.
A country can decide to accept btc as a payment option without necessarily needs to legally adopt it. In fact, the way I see it.... it will be what most countries will end up doing, make a policy that will allow btc acceptance without adopting it as legal tender since the government will want to maintain their fiat position as the only legal tender.

The senator showed confidence but until there is a law that passed declaring bitcoin as a legal tender, her words are just opinions. The USA and its DEA will not be happy of this and they will influence the Mexican government to stop this. Mexico is the home of powerful and notorious drug cartels that are supplying drugs in many parts of the world. Money laundering is rampant in Mexico. Billions of US dollars laundered every year in Mexico. If this will push thru, the authorities will impose stiff regulations to counter money laundering.

Bitcoin being a legal tender increases our adoption without any limitation, while I think forcing it on people is not my thing, but legally adopting it gives a clear picture and a free room to buy and sell bitcoin without anyone or security operative abusing people because they don't know its legal status in the country.

I also think being legally adopted in a country send a message to people about the existence of bitcoin when they are in trouble with banks and other microfinance who facilitates transaction without satisfying their customers and it also makes people to live free without being seen as someone who is into fraud. There are countries, especially like mine that think that people who do bitcoin most often than not are into fraud, the society's view on bitcoin needs to be changed, and people need to be exposed to their ignorance.

I'm not sure if that will be the reason to stop Mexico from adopting and legalizing Bitcoin in their country. I suppose to think that Mexico can make its own decision regarding this, not with the influence of the USA or other parties. It was the legal move and obligation to decide if this is right or if it will create debates. Might this money laundering is a big factor but before crypto, this illegal activities are already rampant in their place which is not the reason to decline Bitcoin into adoption.

USA have huge influence so it has a possibilities to stop if US government will interfer the supposed to be law to make bitcoin a legal tender to their country. But hopefully we cannot see this happening and they let Mexico what they want to do since if they successfully acquired this law and Bitcoin circulate to their country for sure this will create another huge demand which can help strengthen the belief of people who doubt it especially when there's a crisis happening.

The narration is changing and Mexico which is always seen as a corrupt country with a high rate of drug dealing can have a different view when it comes to decentralized currencies, if the Mexican parliament members should make Bitcoin law and pass it as a policy, to accept Bitcoin as an alternative legal currency that will give way for more economic improvement and if the other features of the blockchain are being critically analyzed and utilize, blockchain can also serve as a technology that could help limit the operations of money laundering and other social crimes within Mexico. And also I don't believe the US will have any influence on that and the situation of Mexico if Bitcoin is adopted will be like El Salvador stands up to other countries and institutions such as the IMF to defend the stance on Bitcoin adoption in the country.

I doubt they will have the same outcome and they don't have the same situation to start with. Also, they will have to wait a several years to know if their decision to their country will be successful. Also, I think you didn't read the news lately and what had happened to El Salvador because it turns out that their experimentation wasn't that much successful unlike they projected it, but it's still good because they are on the process. What I'm trying to say is that Mexico should observe the happenings first so that they can avoid the unimaginable situation that El Salvador is in right now because rich countries like Singapore and UAE doesn't want to experiment as of this time because they can't afford to waste resources and time.

We can't use an excuse for money laundering against the proposed adoption in Mexico but i believe the house has the final day when the bill is being presented, there will be vote forbthose in support nor against and by then we will all know if truly the majority are in support for bitcoin adoption and regarding the drugs dealers and so on, don't be surprised that even from the government officials there are those behind it and backing it up with steady funds, they have their boys in the business and i think they will have more supportive hands with the adoption considering privacy, security and decentralization they will benefit from but don't quote me wrong am not saying bitcoin is an abored for such.

I doubt that the politicians in mexico who are in power will accept to pass this law knowing that in mexico there has been a difficult fight against crime, drug trafficking is one of the great evils that mexico faces and they have a lot of corruption and pass laws on bitcoin could make it easier for crooks to use anonymous cryptocurrencies to commit crimes, laws would not be enough to maintain control that would stop criminals from using cryptocurrencies, places like mexico first need to end corruption and greatly reduce crime and then they can think about passing cryptocurrency laws but for now and as sad as it may be, the government has to focus only on fighting corruption and crimes


as I said in my comment, I doubt that such a law will be passed, the situation in mexico is still not good in relation to crime and passing laws on cryptocurrencies is the same as asking criminals to start using anonymous coins and crimes stay still more out of control

you are right, mexico still has a duty to eradicate drugs because mexico is famous for many drug cases which are still there. How is it possible that Mexico will legalize Cryptocurrency as a legal tender, if the crime of illegal drug transactions is still rampant. this will create a big hole that will make it easier for drug cartels to continue to act and not be tracked, payments will be very easy using crypto. The mexican government will find it difficult to decide what to do, they really should focus on fighting drug crimes etc and then be able to discuss crypto later.

If the Mexican senate and house make a move for Bitcoin to become a legal tender there will be a rigorous study and discussion about it. Everything will be taken into account including money laundering. If Mexico has a very low money laundering cases, there is no issue. But we are talking of an estimated $25 billion dollars of money laundered yearly according to a report from the United Nations. Bitcoin is not illegal in Mexico but another move for additional regulations are being called in order to deter money laundering. Bitcoin is not anonymous but we do know there are strategies to make it anonymous.

I also crave for more countries to follow the footsteps of El Salvador but Mexico appeared not fit for it until money laundering drops bigtime.   

if indeed mexico wants to be aligned with el savador as a country that makes bitcoin a legal tender. must also immediately improve the situation in the country, so that bitcoin adoption can work well, and not be used as a justification later.
Exactly what you said friend, money laundering in this country seems to have entered all institutions and there must be immediate improvement before bitcoin will be accepted as legal tender.
it is certain that they will continue to be able to improve so that when bitcoin is received it will not actually increase money laundering, which is more uncontrollable. therefore the rules must be made as well as possible in order to overcome the thing that is feared.
hopefully what will be good intentions from mexico can be realized will be the same as el savador and it is not impossible that many will follow this trend.

This will be great move to see Mexico following the steps of El Salvador and allign with its goal to adopt bitcoin but it will be really interesting to see what approach they follow like complete adoption like El Salvador or making it official currency also.

But as we are moving ahead in time we see more crypto friendly regulations because they also seek profits from it and know bitcoin can be beneficial for the economy giving it a boost and counter tackle inflation to some extent.So really happy to see Mexico next in the line.

Months back itself there is statement from the members of the government that the government will propose legislation to make bitcoin legal tender in Mexico. Already several exchanges are operating in the country, so the usage within the country is already good. Right now more than 50% of the Mexican population doesn't have bank accounts. With the adoption of bitcoin they believe several forms of inequality can be eradicated. For now there is no official statement of bitcoin adoption as legal tender in Mexico. If it happens, then Mexico is the largest country to make bitcoin legal tender.

But, the worrying part when this becomes legal tender, some countries could see a huge increase in money laundering and other forms of illegal transactions. Not that I was against on this but the government must secure a concrete plan on how to minimize this thing otherwise, this can be a disaster for their security. If we can see, some countries are opposing this one knowing that this could possibly trigger more illegal actions than helping people to educate crypto for good reason.