Mexican Senate Installs BTC ATM As Country Moves Towards Crypto Regulation

Despite government crackdowns, cryptocurrencies are becoming increasingly popular globally, with the proportion of crypto ATMs growing. Now, Mexico has added another BTC ATM in its Senate building. As stated by El Heraldo de Mexico on the 26th of April, a BTC ATM was launched in Mexico’s Senate building with some legislators supporting the initiative, including Miguel ngel Mancera, the coordination officer of the PRD who was also present.

Mexico Has 14 Crypto ATMs 

Coin ATM Radar noted that Mexico now has 14 crypto ATMs. Before now, it had ATMs in Cancun, Culiacán, Guadalajara, Aguascalientes, Tijuana, and Mexico City.  Sen. Indira Kempis of Mexico, a cryptocurrency supporter who has been outspoken in the past, posted a picture of the BTC ATM on his Twitter page, hailing it as a symbol of “financial inclusion, education, and freedom in Mexico.”

Before the ATM’s installation on the premises of the Mexican Senate, Mancera had arranged a forum where the respondents discussed the feasibility of a proposed law to regulate cryptos in Mexico. According to him, BTC’s transaction volume has surpassed that of conventional systems of payment such as Visa, Mastercard, and PayPal. Also, he went on to say that:

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“BTC has reached everyone and has completed over 62 million transactions with more than 109 million user accounts.”

Mexico Is Improving Its Competitiveness

The most recent development is considered a major part of the nation’s ongoing efforts to improve its global competitiveness. This will be accomplished through the organization of a series of forums with the intention of creating a project to regulate cryptos in Argentina, Latin America’s second-largest economy.

According to the President of the Political Coordination Board in the Senate, Ricardo Monreal, over 67 million Mexican citizens do not have access to a banking system, making cryptos a viable alternative. Monreal noted that other Latin American countries have already entered this path, with Brazil’s Senate having approved basic regulations for the crypto fund and its usage. Other countries such as Chile, Panama, and Argentina are already debating similar legislation. He believes that the United States should follow its lead.

Monreal also noted that Peru’s legislatory framework for crypto regulation had been released. Still, lawmakers in the US are already exploring the creation of a national digital currency for the nation. As a result, he thinks that Mexico should begin developing its legal policies for dealing with cryptocurrencies.

Earlier this month, Finbold stated that over 686 BTC ATMs were launched worldwide in March, bringing the overall number of functioning BTC ATMs from 36,024 on the 1st of March to 36,708 on the 1st of April, showing that 22 BTC ATMs had been added in March.

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