Politicians in Mexico have now advanced a bill that was drafted to regulate cryptocurrencies in the country.
According to a source close to CryptoBuzz News Network the bill was passed by Mexico’s Chamber of Deputies, the lower house of its legislative body, on Wednesday and is currently pending a signature from Mexico’s President Enrique Pena Nieto before it going into effect as law.
This latest legislative action follows a previous go ahead from the country’s Senate in December of last year that cleared the way for this bill. The bill is essentially aimed to bring certainty on the status of digital currency, as well as to prevent use of the technology in illegal activities i.e money-laundering.
As reported by CBNN, the framework aims to set out that virtual currencies are in fact not legal tender in Mexico, a position in line with statements from the country’s central bank in early last year. In a local news report, Agustin Carstens, the previous governor of Banco de Mexico said bitcoin should rather be considered a commodity, and not a currency.
Further, the bill would like to stipulate the operation of cryptocurrency exchanges under watch of the country’s central bank.
The bill – which was drafted in general terms – will also see additional development of a secondary law by other regulators such as Mexico’s securities commission, the finance ministry, and the central bank in the upcoming months.
These specific changes are expected to bring laws on activities such as money-raising by digital currency firms.