Mexico’s Crypto Stance Unlikely to Change as Ruling Morena Party’s Claudia Sheinbaum Elected President

As a researcher with a background in economics and politics, I have closely followed the developments in Mexico’s crypto policy under the Morena party. The recent election of Claudia Sheinbaum as the first female president of Mexico is an exciting development for Mexican women and progressives worldwide. However, from a crypto perspective, her presidency may not bring significant changes to Mexico’s current stance on cryptocurrencies.

According to various sources such as The New York Times, Claudia Sheinbaum, who previously served as the mayor of Mexico City, has been elected as the President of Mexico, making her the first woman to assume this role in the country’s history.

Based on the outcome, it’s likely that Mexico will persist with its cryptocurrency policy as Sheinbaum is a member of the Morena party, which was previously led by Obrador. However, due to constitutional restrictions, Obrador couldn’t run for re-election. Despite a lack of emphasis on crypto during the major elections, Sheinbaum has expressed support for Obrador’s policies.

The Morena Party hasn’t introduced any extensive crypto legislation yet, but they have imposed a 20% tax on cryptocurrency profits. Additionally, regulations demand that cryptocurrency exchanges register under international anti-money laundering and counter-terrorism financing guidelines. The party has shown an interest in securing the blockchain technology and ecosystem through regulation.

The ongoing crypto-related advancements in the United States, coinciding with Mexico’s election season, may influence the Morena party to reevaluate its cautious stance regarding crypto regulation. Given that Mexico is the leading recipient of remittances from the U.S., cryptocurrencies could provide an alternative financial avenue for Mexicans.

Over the past several weeks, a significant cryptocurrency bill has passed through one of the houses of the United States Congress for the first time. Previously, former President Donald Trump, who is the presumptive Republican nominee for the upcoming presidential election, has not only begun accepting campaign donations in cryptocurrencies but also advocated that the U.S. should take the lead in crypto technology. Additionally, reports suggest that President Biden’s re-election team has initiated contact with crypto industry experts to seek advice on crypto community and policy matters. Furthermore, it is anticipated that the Securities and Exchange Commission (SEC) will soon approve the launch of exchange-traded funds (ETFs) based on ether, the second largest cryptocurrency by market capitalization.

I, Sheinbaum, express confidence in establishing a productive working relationship with the individual who assumes power in 2024.