TL;DR Breakdown
- A Bitcoin ATM has been installed in the Mexican Senate building
- The Bitcoin ATM was installed as an initiative by several Senators
- The goal is to promote Bitcoin usage in Mexico.
The Mexican Central Bank recently released a report detailing its plans to regulate cryptocurrencies. Despite restrictions, Mexico has acquired another Bitcoin ATM, this time in its Senate building. As cryptocurrencies grow more popular worldwide and the number of crypto ATMs rises despite bans.
The move by the Mexican government comes as many other countries are also looking to regulate cryptocurrencies. South Korea announced plans to tax crypto assets held overseas. And China’s central bank banned Initial Coin Offerings (ICOs).
Mexico’s 14th Bitcoin ATM at the Senate building
In fact, on April 26 in Mexico City, a Bitcoin ATM was installed with the collaboration of several lawmakers, including Miguel Angel Mancera, the PRD’s parliamentary leader. According to El Heraldo de Mexico, it was supported by numerous representatives from both chambers.
This is Mexico’s 14th Bitcoin ATM, and it comes just weeks after the country was home to its 13th machine. According to Coin ATM Radar data, Mexico already had them installed across several cities, including Tijuana, Cancún, Guadalajara, Culiacán, San Miguel de Cozumel, and Aguascal.
The Mexican government has announced plans to regulate bitcoin exchanges, first by proposing a bill to Congress and subsequently by consulting with the public. A joint forum was organized today in Mexico City by the head of the PRD’s Parliamentary Group, Miguel Ángel Mancera, to discuss an initiative for regulating cryptocurrencies in Mexico.
According to the PRD representative, there is evidence that Bitcoin has surpassed the volume of payment system transactions enjoyed by previous conventional payment systems such as PayPal, Visa, and MasterCard. This stands as a testament to the growing popularity of crypto as a payment option.
Mexican global boost
Ricardo Monreal, the president of the Senate’s Political Coordination Board, said that discussing the problem seriously is required to boost Mexico’s global competitiveness.
He argued that because almost 67 million Mexicans cannot use the banking system, cryptocurrencies may be a choice.
The morenista legislator claimed that Peru already has framework legislation on cryptocurrencies. While US lawmakers are currently working on creating their digital cryptodollar, it is likewise necessary for Mexico to begin the process of assessing a legal framework.
With more countries looking to regulate cryptocurrencies, it is clear that this is not just a fad. It is here to stay. And Mexico appears to be at the forefront of this new industry.
The ATM in the Mexican Senate building is not the only crypto-related development in the country. Recently, a group of Mexican lawmakers introduced a bill that would regulate ICOs. If passed, this would make Mexico one of the first countries to have a comprehensive framework for regulating cryptocurrencies.
There is no doubt that cryptocurrencies are here to stay. And it looks like Mexico is leading the way in terms of regulation. With more and more countries looking to get involved in this new industry, it will be interesting to see how it all plays out.
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