According to a report by Reuters, Mexico's lower house of Congress passed a bill related to fintech - and cryptocurrencies - yesterday.
Once the bill will be signed by Mexico's President, Enrique Pena Nieto, it will be fully enforced, making Mexico one of the first countries to have a legal framework for cryptos.
The main takeaway from the bill is that cryptos are not considered legal tender, being assimilated to commodities. In other words, cryptocurrencies aren't really currencies, but assets and they will - probably - be taxed as such.
However, it is said in the above report that the law will be amended / completed by other institutions in the coming months.
Venezuela, Mexico, seems like South America is quick at this thing. Not always on the right side of the blockchain, but still quick.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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this was coming and wont be long before other countries follow suite, they know there is money here and want part of the pie
true they want to benefit, why stop a technology that will change the way the world trade and do commerce wise of them,
@dragosroua interesting but I guess if I don't live in those countries It will not matter what laws they have since it won't pertain to us...............
Is this a good thing?
or is Mexico further cementing itself into third world status?
I don't see it as a good thing as it is now, i.e. crypto = commodity. But they said there will be further work to be done on top of this law.
so mexico is impeding it's own progress?
Can't really say if it's a laudable news or not
Imposing tax or regulations by government on cryptos makes it seem a bit centralized.
Don't know much though as I am still a novice on cryptos. Would appreciate if you could mentor me
Like I always say, the regulation is not the problem but the acceptance. Once we know that crypto has been accepted worldwide then we won't have a problem if the chose to put some regulations to it. The problem we are having now is the fact that some countries are suggesting the bad of crypto and that's so not good for us.
Puerto Rico, Venezuela, Marshall Islands, Mexico... And cryptos continue to spread to the ends of the earth. At the moment, I don't know if adopting cryptos as legal tender is a good idea both for citizens and government. I guess Mexicans are just trying to be on the safe side by making it just an asset but not legal tender.
But will these asset be taxed based on its crypto value or based on the country's currency?
South America need crypto, they have a lot of people who don't have a bank account, and besides that, some countries like Venezuela have strong economic sanctions imposed by the USA. Cryptos don't need bank and can avoid the sanctions.
having them as comodities is a smart way to collect tax , they can be charged at rate most commodities are taxed. better than banning them like India did
I think crypto currencies will help in reviving the economy and southern American countries are really taking interests in cryptos... it shows its the future
Governments seek the best way to regulate the cryptocurrency market
Good
Thats great news for the crypto currencies hope this bill gets green signal from the president of Mexico,and this lead some other big economies to consider the fact that cryptos are the future of the world economy.
@dragosroua, this comment is not for current article. But I just tried to thank for your this article(https://steemit.com/steemit/@dragosroua/how-to-deploy-your-own-smart-media-token-on-the-steem-blockchain-the-smt-white-paper-series-ep-one)
Again, thank you for your great explanation with easily understandable words.
And I'd like you to answer on my questions if possible.
First, in most of STEEM based social networks like steemit.com, busy.org and many others, they accept text, images and videos as a publishable content.
If we have content sharing system which content is a kind of binary data and we want to apply a rewarding system using SMT, can we customize the posting content?
For example, a user can post an article which can be read and posted by only our app.
And second question is that our own article will be listed on steemit.com like dTube's videos are listed on steemit.
nope. If you want to use the Steem blockchain rewards mechanism, you have to be part of the consensus, hence to publish on the blockchain.
There is a very specific use case in which this would be possible, but I'm still studying it, so I'd rather refrain from giving a definite answer to this question.
India is moving seemingly towards a similar stance on cryptos, they will also define them as assets rather than currencies
Isn't cryptocurrency regulated in any country? Not sure, but we are expecting it will be regulated in India too.
And hope Facebook will rethinks to allow it to advertise.
Finally seems like after mexico will take a decision others might follow soon
Hopefully, the security of a chain of blocks and that they are not easy to falsify information or to look for an advantage in the world of cryptocurrencies does not end up being a feint of the decadent Mexican governments.
Regrettably, the trust or thinking of good actions of the Mexican government no longer exists, no doubt my personal point of view is more in search of generating new taxes as a result of the work of Mexicans, as history has marked us. great litter of ignorant and "huevones" our political class is synonymous with the nest of pestilent rats.
from Aztec lands I send greetings and I really hope this news is in favor of progress and not setbacks.