President Andres Manuel Lopez Obrador: Mexico doesn’t need to adopt Bitcoin

By Selena On Oct 15, 2021

According to Expansión Política, Mexican President Andrés Manuel López Obrador (AMLO) claims to exclude the use of cryptocurrencies, such as Bitcoin, in Mexico as legal tender. During his morning press conference, the president said that his government does not have a toll problem, which gives him peace of mind that he can fund the country’s development.

Mexican President Andrés Manuel López Obrador (AMLO)

Mexico decisively rejected the idea of adopting Bitcoin as legal tender

López Obrador says his administration tries not to innovate much in the area of financial management. “We think that we must maintain orthodoxy in financial management,” he stated.

The CEO ensures that among his government’s main goals is to ensure that Mexicans have a good income and no tax evasion.

“We are not going to change in that respect, and we think we have to maintain orthodoxy in financial management. Don’t try to innovate much in financial management, but pay attention to good income, no tax evasion, no privileges, we all contribute, no privilege in paying taxes, and that’s enough,” he mentioned.

Lopez Obrador added that investing in cryptocurrencies is not necessary to finance the development of the country. AMLO asserts that there are no problems in raising capital, so implementing tools such as cryptocurrencies is not necessary to finance the country’s development.

“The financial situation is going well, and we have done about 80% of the authorized budget for this year; there is a 20% shortfall, but we are close to completion. We will have no problem at the end of the school year”, he said.

In June, Mexico’s central bank announced that cryptocurrencies are off-limits to financial institutions, disrupting the plans of Bitcoin-friendly Mexican billionaire Ricardo Salinas Pliego. El Salvador, a small tropical country in Central America, became the first country to accept Bitcoin as legal tender in early September. BitMEX CEO Alexander Höptner recently predicted that at least 5 countries will accept Bitcoin as their official currency in 2022.

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