Mexico’s upper chamber of national legislature has ratified a financial technology bill that would place local bitcoin exchanges under the regulation of the central bank.
The bill passed the Mexican Senate on December 5, paving the way for its potential ratification in the Chamber of Deputies.
Experts have said that the bill is expected to pass the Chamber of Deputies later this month.
The measure would elucidate that bitcoin and other cryptocurrencies are not considered legal tender in Mexico.
Additionally, exchanges and other firms that deal with cryptocurrencies would be officially governed by the Banco de Mexico, Mexico’s central bank.
The aim of the amendment is to offer legal ground for companies, including those that handle bitcoin and are establishing alternative kinds of products and services.
The details of the bill are still being worked out, as secondary laws are set to build more on the measure.
Statements from officials at the Banco de Mexico offer more information as to how the central bank might regulate cryptocurrencies.
Carstens, the institution’s governor, said in a report that bitcoin should be thought of more as a commodity than a currency.
In 2014, the Banco de Mexico prohibited banks in the country from dealing with bitcoin.
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