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Mexican Lawmakers Advance Bill to Regulate Bitcoin, Fintech Firms

The more northerly chamber of Mexico’s national legislature has approved a financial technology reckoning that would bring local bitcoin exchanges under the custody of the central bank.

According to Reuters, the bill cleared the Mexican Senate on Dec. 5, environment the stage for its consideration and potential passage in the Chamber of Deputies, the lower take in of the legislature. Citing sources familiar with the process, Reuters dispatched that the bill is expected to clear the Chamber of Deputies on Dec. 15.

As previously announced, the measure, as currently written, would clarify that bitcoin and other cryptocurrencies are not admissible tender in Mexico. Further, exchanges and other companies that cope with cryptocurrencies would be officially regulated by the Banco de Mexico, Mexico’s pre-eminent bank.

The goal of the change is to provide legal clarity for companies, filing those working with bitcoin, that are creating new kinds of artifacts and services.

Yet, as Reuters highlights, the finer details of the bill are still being ironed out, as alleged secondary laws are expected to further build on the measure.

Statements from formals at the Banco de Mexico offer insight into how the central bank puissance go about regulating cryptocurrencies. Earlier this year, Agustin Carstens, the practice’s governor, was quoted by local media as saying that bitcoin should be considered profuse akin to a commodity than a currency.

In mid-2014, the Banco de Mexico started to prohibit banks in the country from directly handling bitcoin.

Mexico Metropolis image via Shutterstock

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