Mexico is one of the first countries in Latin America to regulate blockchain and cryptocurrencies. The Congress of the Union, the country’s legislature, had in 2018. passed a bill in this regard, regulating blockchain technology, cryptocurrency firms and crowdfunding. The Congress did not recognize cryptocurrencies as currency, but as digital assets for which it created rules to prevent money laundering and corruption. The Mexican Central Bank has been given the authority to monitor companies involved in cryptocurrency. With Mexico not having a very clean image as far as corruption is concerned, the country’s government has also initiated studies on the multiple use cases of blockchain and intends to bring transparency in the use of the technology.
In Mexico, there is a community called ‘Blockchain MX’ which works to encourage and promote the use and development of blockchain. Its ultimate aim is to eliminate the problems of corruption from Mexico by bringing trust and transparency with blockchain.
BLOCKCHAIN ASSOCIATION
This story is from the May 2021 edition of Banking Frontiers.
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