On July 5th, the Mexican House of Representatives held a special session to discuss the possibility of using cryptocurrency in the country for the first time. The proposal from the House of Representatives proposes that the Mexican Central Bank create a digital currency under the name of “Woyacoin” and issue an initial issuance of 200 million WOY tokens. This initial issuance will be issued in 2018 at the rate of 10,000 WOY per 1 USD. The reservation of the WOY tokens will be allocated to Mexican citizens and businesses. The tokens will be used for the purchase of goods and services from Mexican suppliers. The token will be available to the public for trading and to be held in reserve by the Mexican Central Bank.
Back in 2017, the Mexican government issued a regulation that banned the use of cryptocurrencies such as Bitcoin in domestic transactions. Since then, a group of legislators has been working to reintroduce the cryptocurrency into Mexican society, proposing a bill that would allow the use of Bitcoin in domestic transactions. The bill also calls Bitcoin a “valuable and liquid asset” that is “facilitated, used and promoted as a payment system in accordance with the national law.”
According to a press release from the Mexican Chamber of Deputies that was published yesterday, legislators from the country’s ruling coalition – along with members from the PAN and PSM – presented a draft bill to the Legislative Assembly of the Republic (ALER) that would make it easier for members of the public to buy and sell cryptocurrencies in the country.. Read more about future of cryptocurrency 2021 and let us know what you think.Summary of the situation – Mexico is preparing for the use of cryptocurrencies. – Mexican lawmakers want to encourage the use of digital assets. Mexico wants to follow in the footsteps of neighboring countries and introduce cryptocurrencies for legal use. Lawmakers will introduce a proposal to promote cryptocurrencies and address the asset class. Mexican GOP Senator Eduardo Murat Hinojosa announced on his Twitter account that he will propose a legislative framework for virtual currencies in the House of Representatives. Hinojosa said he is fully behind the world of cryptocurrencies, which has grown very rapidly in recent years.
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Nuevo Leon state senator Indira Kempis Martinez also expressed her support for the proposal on her Twitter page. Hinojosa called Martinez her friend and confirmed that the two men are leading the country’s transition to cryptocurrencies and the financial industry (FinTech). Mr. Hinojosa is convinced that this will enable Mexico to become a leader in the field of financial technologies in the near future. Cryptocurrencies have become more prevalent over the years and are becoming an increasingly effective payment method for merchants and consumers. Mexican lawmakers are optimistic about the adoption of cryptocurrencies and the improvement of the country’s financial market. The illegal use of cryptocurrencies in Mexico could be an obstacle and limit the ambitions of these lawmakers. Mexican authorities are having a hard time controlling virtual currencies, according to a study last December. However, they may find out that Mexican cartels have embraced cryptocurrencies to keep their illegal activities secret.
Crypto-currencies are becoming increasingly important in the financial world
Cryptocurrencies are opening up new avenues every day. Popular institutions like Tesla have invested in bitcoin (BTC), which is on the verge of becoming a legal digital currency, as seen in El Salvador. According to the report, President Nayib Bukele of El Salvador is also promoting and advocating for the adoption of bitcoin as legal tender. El Salvador is the first country in the world to accept the US dollar and bitcoin as legal tender. Following these comments by the President of El Salvador and his optimistic attitude towards digital assets, Paraguay has also opened its arms to promote cryptocurrencies. Carlitos Rehala said Paraguay is trying to include virtual currencies in a project that will help the country embrace financial innovation. Carlitos Rehala also said he is working with the country’s cryptocurrency community to make Paraguay a cryptohub. Cryptocurrencies have become an important investment option and a safe and fast payment method for buying and selling goods and services. Mexico wants to follow in the footsteps of El Salvador and Paraguay and encourage the adoption of cryptocurrencies in the country. They will continue to work to make Mexico a major global market for crypto-currencies in the near future.On June 12th, 2018 Mexican legislators presented a proposal to create a national cryptocurrency in the country as part of nation-wide efforts to promote the cryptocurrency sector.. Read more about best upcoming cryptocurrency and let us know what you think.
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