According to numerous reports, including The New York Times, Claudia Sheinbaum, the former mayor of Mexico City, was elected president of Mexico, making history as the first female president. Because Sheinbaum is a member of the Morena party, which is in power in Mexico, the outcome likely indicates that the country’s crypto policy will continue. According to the constitution, her predecessor, Andres Manuel Lopez Obrador, was not eligible to run for office again. Sheinbaum has sided with Obrador’s plans, despite the fact that cryptocurrency received little to no attention during Mexico’s largest election to date.
The Morena party has levied a 20% tax on cryptocurrency gains, but it has not put out any comprehensive legislation for the industry. Exchanges that deal with cryptocurrencies must register in accordance with international laws pertaining to the prevention of money laundering and the funding of terrorism. The party has also demonstrated a commitment to blockchain regulation in order to strengthen the security of the technology and ecosystem.
It’s too soon to tell if the Morena party will be persuaded to change its keep-it-in-the-shadows stance on cryptocurrency policy in light of recent developments pertaining to cryptocurrency in the United States that occurred during Mexico’s election campaigns. Given that Mexico is the country to which American remittances are sent, cryptocurrency may be a viable choice for Mexicans.
Recent events include the passage of a significant cryptocurrency bill through one of the House of Representatives for the first time, remarks made by presumed Republican presidential nominee Donald Trump that the United States needs to lead the world in cryptocurrency, and reports that President Biden’s reelection campaign has started contacting members of the cryptocurrency community for advice on community and policy.
Additionally, the Securities and Exchange Commission is anticipated to approve the introduction of exchange-traded funds for spot ether. Sheinbaum has stated that she is certain that she will get along well with whoever wins the presidency in 2024.