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Mexican lawmakers warm up to crypto as global adoption increases | Invezz

invezz.com 09 June 2021 08:43, UTC
Reading time: ~3 m

Mexico is following in the footsteps of its neighboring countries by embracing crypto. The country’s legislators are increasingly warming up to the nascent asset class. Reportedly, one lawmaker has gone as far as promising to submit a proposal to push for the adoption of cryptocurrencies.

Voy a promover y proponer ante la Cámara de Diputados un marco legal para las criptomonedas en México #btc

I will be promoting and proposing a legal framework for crypto coins in Mexico's lower house #btc pic.twitter.com/zwhYOZ7KAg

— Eduardo Murat Hinojosa (@eduardomurat) June 8, 2021

Eduardo Murat Hinojosa, a senator of the federal government of Mexico, tweeted that he will be proposing a legal framework for crypto coins in the country’s lower house. Hinojosa also updated his profile on Twitter by adding laser eyes to his profile picture. In doing so, he indicated his support for the rapidly growing crypto space.

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In a Ripple effect, Indira Kempis Martinez, a senator that represents the state of Nuevo León, also changed her display picture on Twitter by editing laser eyes into her photo. Referring to Martinez as his friend, Hinojosa said they would lead Mexico’s transition into crypto and FinTech. In so doing, Hinojosa hopes to help place Mexico at the forefront, regarding financial innovation.

Crypto continues inching closer to mass adoption

While the Mexican legislators are bullish on crypto, the illicit use of crypto in the country might nip their ambitions in the bud. According to a report in December last year, Mexican authorities are having a tough time trying to rein in crypto despite identifying that cartels in the country have embraced digital currencies to keep their illegal activities running smoothly.

Meanwhile crypto continues unlocking new milestones each passing day. Apart from institutions such as Tesla investing in Bitcoin (BTC), the coin is also getting closer to becoming legal tender. Reportedly, the president of El Salvador, Nayib Bukele, is pushing for the country to accept BTC as a legal currency. El Salvador becomes the first country in the world to accept BTC as legal tender alongside the US dollar.

On the heels of El Salvador disclosing its bullish sentiment on crypto, Paraguay has also opened its arms to crypto. Carlitos Rejala, a Paraguayan hinted that the country is looking to integrate crypto in a project that would help catapult it to the forefront of financial innovation. Apart from this, Rejala disclosed that he is currently working with the Paraguayan crypto community to make the country a crypto hub.

Working with @juanjobr and the Paraguayan crypto community in order for Paraguay to become a hub for the crypto investors of the world and subsequently to be placed among the ones on the cutting edge of digital technology @michael_saylor @cz_binance @elonmusk https://t.co/pfO03HNSr1

— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 7, 2021
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