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Mexico is considering making Bitcoin an official tender, according to the analyst…

The first point to mention is that a Mexican senator, Indira Kempis, aims to present a draft bill to legalize Bitcoin in Mexico, based on El Salvador’s own crypto bill. It should be highlighted that Bitcoin is still a long way from being legal tender in Mexico.

However, Anthony Pompliano, an investing analyst and commentator, was pleased with the news. “, he explained.

“Now, we have another country – Mexico in Central America – that’s looking to make”
“Bitcoin legal tender within their jurisdiction. A Mexico senator is going to put forward”
“legislation to make Bitcoin legal tender.”

Pompliano explained how the narrative began with the legalization of Bitcoin in El Salvador.

“They’ve kicked off a domino effect throughout South and Central America.”
“We’ve seen country after country after country have local, state,”
“or national politicians come forward and say, ‘I think we should follow suit.’”

However, it’s critical not to mix up legislation and legalization. Pompliano also has a habit of making positive but broad generalizations regarding international governments and policies. When considering India’s 30% levy on digital asset transfers, Pompliano concluded that the Indian government would “ensure” that Indians had access to cryptocurrency.

In actuality, India’s finance minister has not ruled out the prospect of a cryptocurrency ban.

As a result, we should proceed with care when considering Pompliano’s analysis of the Mexico Bitcoin ecosystem. Following in the footsteps of El Salvador, a single senator asking for crypto legality in Mexico is a far way from following in the footsteps of El Salvador.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.