Mexico is no follower: Does not intend to adopt Bitcoin as legal tender

Since El Salvador’s announced its adoption of Bitcoin back in September, it set the crypto world ablaze, with people speculating what country would be next to adopt it as legal tender. The list included Brazil, Panama, Cuba, to name a few, with Mexico being a frontrunner, but now the dia de la muertos famous nation is bowing out of the race.

In a press conference held yesterday President Andres Manuel Lopez Obrador, put the nail in the crypto coffin by stating “ We are not going to change in that aspect. We think that we must maintain orthodoxy in the management of finances [and] not try to innovate much in financial management," further elaborating that the country instead would adopt stronger tax evasion monitors "[We want to make sure] that there are no privileges, that everyone contributes [with their taxes] and that is enough," he said.”

While Mr. Obrador sees no need for Bitcoin adoption, the third richest man in the country, Ricardo Salinas Pliego does. Revealing last year that Bitcoin made up 10% of his liquid portfolio, as well his bank, Banco Azteca looking to at a route to adopt the coin.

It’s not hard to see why President Andres Manuel, is taking this stance for his country, the stories coming out of El Salvador while revolutionary, have not been the most flattering for their “DICTOR”, and are still leaving many with unanswered questions. Let’s just hope this stance isn’t one that holds, leading to Mexico lagging behind the rest of Latin America, which seems to be gearing up to be the hot spot of adoption within the next few years.