In Mexico, cryptocurrencies such as Bitcoin and Ethereum are considered digital assets supported by blockchain technology. Although their use has spread among young people and businesses, they are not recognized as legal tender, so they should be treated as investments. Alicia Chávez Peña, president of the Financial Inclusion Commission of Coparmex Mexico City, emphasized the importance of formally monitoring these digital assets. 'Because at the end of the day, it is an asset that will convert into an entry in the bank,' she stressed.
During an episode of the Financially Free podcast, Chávez Peña pointed out that Mexico already has a digital currency based on the peso, which opens a new stage in financial culture: 'Because we need to learn to use it and become more informed about the topic.'
Chávez Peña highlighted how the use of cryptocurrencies has grown exponentially among young people and various commercial sectors. 'Many businesses already accept cryptocurrencies as a form of payment, and in some places, there are ATMs dedicated to these transactions,' she commented. However, she emphasized that this enthusiasm must be accompanied by caution and responsibility. Although cryptocurrencies offer new opportunities, their volatility makes them a high-risk investment. 'It's not like the dollar or the euro, which have projections and historical records to guide financial decisions. Cryptocurrencies are very volatile,' she warned.
Furthermore, she noted that currently, cryptocurrencies are not recognized as tax proof in Mexico, and individuals are not required to declare them to the SAT. However, she alerted that this could change during tax reviews or audits, where detailed verification of operations conducted with crypto assets might be required. Chávez Peña urged those handling cryptocurrencies to keep meticulous records of all their transactions. 'It's essential to keep a detailed report of our movements in cryptocurrencies to avoid future problems and ensure transparency in our operations,' she concluded.
The rise of cryptocurrencies in Mexico reflects a transformation in financial culture, but it also presents challenges for users, who must stay informed and act prudently in the face of these new digital tools.
