Although it is not a legal currency in Mexico yet, its use is not illegal, according to the notices issued by the Condusef and the Bank of Mexico regarding this technology. 

In Mexico Bitcoin is legitimated and recognized as a means of payment and transmission of value, without being a legal currency.

For example, you may purchase a car for up to 3,210 Times the Minimum Wage  (TMW) effective in Mexico, approximately MXN $225,000 or USD $13,400 with Bitcoin.



The virtual assets for transmitting value through the Internet have been internationally recognized, hence it is necessary to mitigate and identify any operation that could be linked to Money Laundering, Fraud or Financing terrorism. 

On this basis the payment and transmission of value with virtual assets has been classified as similar to cash settlements, limiting their use for some purchases. The prohibition or restriction in which Bitcoin find itself, is the same that applies to cash and metals.

 

A bitcoin inspection regulation does not currently exist in Mexico. To the persons that wish to declare their movements we recommend consulting with an accountant or a tax expert.