Will Mexico Declare Bitcoin Legal Currency

Şükriye Akdeniz

Sep 10, 2021

While central bank governors continue to make comments on Bitcoin, the Mexican central bank governor also got involved and voiced his views.

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According to Mexican central bank governor Alejandro Diaz de Leon, Bitcoin is a medium of exchange rather than a sophisticated fiat currency. That's why he described Bitcoin as a high-risk investment and a poor store of value.
Judging by the comments of the Central Bank Governor, it seems that Mexico will not accept Bitcoin as a legal currency like El Salvador any time soon.
Diaz de Leon used the following statements:
“We believe that a Bitcoin transaction for a good or service is more like a barter because that person is exchanging a good for a good, but an exchange for good is not real money.
Money in our time has turned into fiat money issued by central banks. Bitcoin is more like a dimension of multi-precious metals than everyday fiat money.”
According to the Banxico boss, for a cryptocurrency to be considered money, it must be a reliable payment method. In addition to his words, he touched upon the fact that Bitcoin should maintain its value. Diaz de Leon pointed out that the value of cryptocurrencies is often wildly volatile in one day:
“People aren't going to want their purchasing power to go up or down 10% from one day to the next. We don't want this volatility for purchasing power. In that sense, it's not a good value assurance.”

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