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Mexican lawmakers pass a bill on the regulation of cryptocurrency

Legislators in Mexico have advanced a bill that was drafted to regulate fintech, including cryptocurrencies, in the country.

02.Mar.18 4:36 AM
By Daria Zaytseva


Mexican lawmakers pass a bill on the regulation of cryptocurrency

The bill was passed by the Chamber of Deputies of Mexico, the lower house of its legislative branch, on Thursday and is currently waiting the signing from Mexican President Enrique Pena Nieto before it comes into force as a law.

The last legislative step follows a previous positive move of the country's Senate in December 2017, which paved the way for the bill that is aimed to bring confidence in the status of the cryptocurrency, and to prevent the use of technology in illegal activities such as money-laundering.

This framework provides that cryptocurrency transactions are not legal tender in Mexico, position in accordance with the comments of the central bank of the country in early 2017. In a local report, Agustin Carstens, the former Governor of Banco de Mexico, said that bitcoin should be viewed as a commodity, not a currency.

In addition, the bill is also aimed at ensuring that the signing of control over crypto-exchanges is carried out under the control of the central bank of the country.

It is also indicates that the draft law, drawn up in general terms, will consider the further development of a secondary law by other financial regulators, such as the Mexican securities commission, the central bank and the ministry of finance in the coming months.

It is expected that these changes will lead to the adoption of rules for activities such as the collection of funds with the help of cryptocurrency firms.

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