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Mexican President Rules Out Adopting Bitcoin as Legal Tender

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Thu, 10/14/2021 - 15:58
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Alex Dovbnya
Mexico does not need to adopt Bitcoin, according to President Andres Manuel Lopez Obrador
Mexican President Rules Out Adopting Bitcoin as Legal Tender
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Mexican President Andres Manuel Lopez Obrador has decisively rejected the idea of adopting Bitcoin as legal tender, Expansión Política reports.

During an Oct. 14 press conference, Lopez Obrador said that his administration is trying not to innovate a lot in the area of financial management:

We think that we must maintain orthodoxy in financial management.

He claims that his main objectives are ensuring that Mexicans have good salaries and are rooting out tax evasion.

Lopez Obrador adds that investing in cryptocurrencies is not necessary for financing the country's development.

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Morgan Stanley CEO: Crypto Won't Go Away
In June, the Mexican central bank announced that crypto is off-limits for financial institutions, disrupting the plans of Bitcoin-friendly Mexican billionaire Ricardo Salinas Pliego.

El Salvador, a small tropical nation in Central America, became the first country to adopt Bitcoin as legal tender in early September.

BitMEX CEO Alexander Höptner recently predicted that at least five nations would adopt Bitcoin as their official currency by 2022.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.