Ignorance affects crypto regulation in Mexico

Enthusiasts of the cryptographic system in Mexico participated in the Fintech Law and the Role of Regulators of the Bitcoin Forum, organized by the Senate. They highlighted that mistrust, ignorance and uncertainty are the aspects that have prevented the country from having a regulatory framework dedicated to cryptocurrencies and the entire ecosystem, which creates a gap between society and the new digital economy.

The accountant and fan of Bitcoin, Vanessa Solís Caballero, expressed that “Mexican regulators are afraid that a regulatory framework threatens or harms in some way the financial system of that country, something that does not necessarily happen.” But, in her opinion, there are “examples that a regulation may or may not damage the financial system.”

According to Solís, in Mexico “there is ignorance, fear, uncertainty, and that is why distance is created. “But there are countries that, without the need to compromise the financial system, have created regulatory frameworks.”

Solís admits that there are different legislative documents that address the issue of taxes. But she points out that “there is nothing clear about the use of cryptocurrencies” and citizens require clear regulations that congratulate the management and operation of digital assets.

“We are in an area of ​​uncertainty, and we need certainty, and that is going to be provided by the laws, making everyone apply them. We are fans of decentralization. But the people who are doing things right, who are not laundering money and are using the assets to improve transactions by taking advantage of technology, want to regularize themselves, but they don’t know how,” the accountant highlighted.

Regulation must be systematic

Another of the panelists who participated in the forum was the lawyer Rebeca Álvarez, director of the Loxical law firm, dedicated to new technologies, who recommended that the regulation of digital currencies in Mexico should be “systematic” and in her opinion the project of “Fintech law does not cover the entire cryptographic spectrum, so it is insufficient.”

Álvarez described the legislation as “paternalistic” because it is based on the protection of users over companies or legal institutions that operate cryptocurrencies in order to avoid “risks for people who use new technologies to pay and consume.”

The lawyer considers it of great importance that the authorities get involved in the discussion about the regulation of the cryptographic ecosystem in general that allows legislators to create confidence in this type of technology. “It is important that there are legislators, the public sector, that there are judges, without these three elements, the Mexican legal system cannot function,” she stressed.

According to Álvarez, it is necessary to define “clear, broad, flexible concepts that are in accordance with business models focused on cryptocurrencies” and I urge legislators to participate in a “dialogue to generate trust in this technology.”

M. Rodríguez

Source: criptoides.com