Will Mexico be the next to launch a digital currency?

Some days ago we point out that the United States Department of the Treasury had given approval to banks and savings companies to carry out operations with stablecoins and participate in blockchain for payment activities.

However, this fact has been taken as a regulatory trend that many other countries are thinking of replicating since it is understood that "it is a clear signal regarding the direction of the market."

Mexico enacted the Fintech Law almost three years ago, and it was established that financial institutions could make use of virtual assets for internal operations, but that they could not use them for final transactions with direct effects on the final consumer. Why? It was understood that the operation of the supply and demand of cryptocurrencies was a matter very little known and explored by common banking consumers, which is why, in a paternalistic zeal, they decided that the ordinary citizen was not ready to use them .

On the other hand, as we pointed out yesterday Regarding the reasons why it was proposed to ban them in the UK, in this case reference is also made to their wide volatility, their favoring money laundering situations, among others. Furthermore, they even pointed out that it was convenient "to maintain a healthy distance between virtual assets and the financial system."

However, the “turnaround” in the United States could reverse this. In that sense, Eloisa Cadenas, director of CryptoFintech (Mexican consultancy specialized in Fintech) Held"If the United States already has openness, because the banks in one way or another are going to want to enter this market, we have already seen it, the banks in other parts are already participating… So, the institutions are going to do it little by little, in that sense, Mexico would have, yes or yes, to have a not so restrictive vision in this regard"

According to this specialist and promoter of the crypto ecosystem in Mexico, the Aztec market has used cryptocurrencies primarily for sending remittances: "The average cost per remittance is USD 343 with a commission of 1.85 through traditional mechanisms, when you do it with a crypto asset you can reduce this cost to 0.1%"

On the other hand, the economist, Sergio Kurczyn notes that, if Mexico wants to compete in the new “monetary field” and achieve greater financial inclusion, it will be forced to develop a new digital currency (perhaps the new “Digital Peso”?). What is certain is that Banxico (the Mexican central bank) must analyze this “trend turn” in depth and evaluate what is the best scenario for its financial system at the macro level. A latent fear (although unlikely in the short term) is that the peso will be displaced by another currency, and for this, it takes as an example, (although without saying it properly) the case of Venezuela, where most of its citizens carry out transactions in American dollars or bitcoin (in fact, it is one of the countries with the most movement in this digital currency).

And what does the Mexican private sector say? Many are interested in using blockchain:

Source: NCIPHER.
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Marilú Lazo
Lawyer from the Pontificia Universidad Católica del Perú (PUCP). Director of The Crypto Legal Blog, she has experience in corporate advice, consumer protection, as well as in matters of personal data protection and new technologies.

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