As the U.S. continues to debate the merits of building a wall along its southern border, Mexico’s Treasury Secretary is looking to cryptocurrencies as a way to skirt around potential trade barriers. mexico treasury secretaryenglercoindesk
In an interview with Bloomberg, Jose Antonio Meade said that he is exploring the use of digital assets as a way to “diversify financing sources” and avoid issues that could arise from U.S. President Donald Trump’s proposed border wall. mexico treasury secretaryenglercoindesk
The Mexican Treasury Secretary, Engler, has proposed a plan to his country’s congress that would see cryptocurrency taxation in Mexico.
The plan would see a 2% tax on cryptocurrency transactions, with the aim of raising $400 million per year.
Engler believes that the tax would not only be beneficial for the government, but also for the crypto industry itself, as it would legitimize the industry.
Mexico’s Treasury Secretary, Luis Videgaray, said Wednesday that his country is open to working with other nations on developing regulations for cryptocurrencies.
“We are not closed to the idea of regulated exchanges,” he said at an event in Mexico City. “In general, we are open to working with the private sector and with other countries on what could be appropriate regulation.”
Videgaray’s comments come as Mexico is considering its own cryptocurrency regulations.