López Obrador is confident that the PESO will continue to strengthen
Since May 11, the PESO has accumulated an appreciation of 4.45%, mainly benefited by a greater weakness in the US dollar, and the recovery in oil prices.
President Andrés Manuel López Obrador said this morning that he is confident that the Mexican PESO will continue the strengthening that it has been showing against the US dollar in the last two weeks.
“We became the country with the greatest strength in relation to our currency, until the beginning of March it was the most appreciated currency in the world. The crisis is coming, the peso falls, it reaches up to 25 pesos per dollar and it has already begun to recover; last week it closed at less than 23 and I hope that it will continue, even that it will continue to drop, ”the national prime minister said this Monday in his usual morning press conference.
Since May 11, the PESO has accumulated an appreciation of 4.45%, mainly benefited by a greater weakness in the US dollar, and the recovery in oil prices, despite the growing tensions between the United States and China and the global effects of the Covid-19 coronavirus pandemic.
Recall that today the US stock market is closed, due to the Memorial Day holiday, in memory of soldiers killed in combat.
López Obrador was also optimistic about the recovery in the prices of the Mexican oil mix, which, a month ago, was trading at negative prices, as a consequence of global fears about the lack of crude oil storage and the almost paralysis. Of demand.
"As a result of the world crisis, the price of the Mexican mixture fell to less than 0, that is, it was worth nothing, at less than zero the mixture per barrel of oil, a month or more ago. But it's already at $ 27 a barrel. There we go, ”said the first president."We cannot fall into triumphalism, but neither can we fall into pessimism," said López Obrador.
With this and the uncertainty of the proposal to monitor the assets of citizens, then cryptocurrencies could be presented as a great alternative because a few days ago Morena, a party of the current government of Mexico, raised the possibility that the National Institute of Statistics and Geography (INEGI) monitor the heritage of people.
Given the mere possibility that the federal government installed this surveillance system in the citizenry, social networks exploded under HT #AMICasaNo.
Is this the best opportunity for Mexicans to learn about cryptocurrencies?
In order to comply with this constitutional mandate, INEGI must be able to "enter, without any legal impediment, to review the real estate and financial assets of all persons." This ambiguous concept from the legal point of view says little, but it can mean a lot. According to a local Mexican media, the Morena politician said that "Every two years - the INEGI - must account for the results that the totality of the assets that each Mexican has. INEGI must also have access to the accounts of the Tax Administration Service (SAT) and to all financial and stock market information of individuals.
An opportunity for cryptocurrencies?
However, standing idly by and waiting for laws to be followed can be frustrating for many. Reporting violations or aberrations in civil, political or even rights, some as elementary as human rights, may sound like a worn speech. Humanity today demands action. Actions like the ones Satoshi Nakamoto took with Bitcoin.
Bitcoin, from its iconic Genesis Block, revealed its raison d'être, a parastatal response, a peaceful revolution that was created to provide people with an unfeasible, uncensorable and decentralized alternative. The cypherpunk ethos made money to be available to everyone.
Despite the fact that Satoshi initially raised Bitcoin as a response to the government's inability to manage in the midst of the 2008 real estate crisis, the assumptions are the same that we see today in Mexico. A State that seeks to delve into the assets of people.
The United States did so in 2008, devaluing people's savings through capital injections, and Mexico did so in full 2020, raising the possibility of thoroughly monitoring people's assets. Two sides of the same coin.
The best time to buy crypto assets is today as long as the price of the peso remains strong.
