Mexico is the next El Salvador?

[KaliLinux]

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.

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.

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.

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 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.

[seoincorporation]

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.

[BITCOIN4X]

What are your thoughts about this?

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.

[Obari]

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.

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.

What are your thoughts about this?

128 million residents if all agree to adopt bitcoin I think the adoption will be a success , and each user can freely send money to each other without dealing with bank fees .
but it should be underlined that elsavador and mexico are very different in their goals of adoption

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.

[Jody.Drummer]

It's happening, soon these words will be in more places. Little things like this are comforting. Starting with a small place at the end, countries accept BTC and cryptocurrency

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.

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.

[burugcrypto]

• 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.

[Leviathan.007]

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

[Fara Chan]

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.

[wmaurik]

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

[Lucius]

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?

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...

Didn't El Salvador also not abandon their fiat, which is the USD?

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.

[The Cryptovator]

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.

[gunhell16]

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?

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.

[EarnOnVictor]

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.

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.

[_BlackStar]

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?

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.

[Fara Chan]

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.

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.

[Lucius]

It’s just basically a new scheme of Mexico to impose tax on Bitcoins that’s all.

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.

Like most countries, cryptocurrency simply bought and held isn’t taxable in Mexico. However, once a cryptocurrency is sold for a profit or realised gain, that triggers a taxable event. Residents of Mexico pay taxes on all their income earned, with rates ranging from 1.92 percent to 35 percent depending on their specific income bracket.

[stompix]

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

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

More than 30% of Canadians plan to purchase crypto by 2024 — 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:

BRAZIL: 🇧🇷 We can’t keep depending on the dollar.
- Presidential favourite Lula
👉Bitcoin 😉

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/

If he returns to the presidency, “We are going to create a currency in Latin America, because we can’t keep depending on the dollar,” Lula said in a speech at a rally on May 2.
He revealed that the currency would be called the Sur, which means “South” in Spanish.
Lula explained that countries in Latin America could still keep their sovereign domestic currency, but they could use the Sur to do bilateral trade with each other, instead of having to exchange for US dollars.

Unsubscribe, it's the only healthy way!

[Bitstar_coin]

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 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.

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.

[Getmon]

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.

[Cookdata]

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 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.

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.

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.