Mexico has installed Bitcoin ATM, analyzing and triggering the growth of the cryptocurrency market.

The forum "Bitcoin: Mexico facing the future" was held in the Senate of the Mexican Republic. The event was organized by Sens. Miguel Angel Mancera and Juan Manuel Focil Perez, according to an Entrepreneur report.

The event sought to raise awareness of the need to establish a law that regulates the use of digital currencies while allowing users to obtain secure digital services.

Ricardo Monreal Avila, president of the Political Coordination Board in the Senate, said what is convenient for Mexico is to capture the benefits of the new digital financial industry.

Monreal Avila added that they will pay attention to Bitcoin, but their legislative work must not lose sight of the fact that it is one of the many cryptocurrencies that exist.

Mancera said that the Mexican financial system still does not recognize cryptocurrencies despite the 62 million transactions made between more than 109 million accounts. He added that Bitcoin is not only a speculative asset but also a financial system.

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Mexico Bitcoin ATM

The Bitcoin ATM in Mexico was installed in the lobby with the aim of promoting freedom, inclusion, and financial education.

Sen. Indira Kempis shared a picture with the Mexican Senate building's Bitcoin ATM, according to a Gadgets360 report.

The Bitcoin ATM was installed on April 26 after PRD officials noted that bitcoin transactions surpassed the volume of payments made through traditional cards or apps inside the senate building.

Forty percent of Mexican firms are interested in adopting blockchain and cryptocurrency in some manner.

Tijuana, Cancún, Guadalajara, Culiacán, San Miguel de Cozumel, and Aguascalientes are among Mexican cities that hold Bitcoin ATMs.

The Bitcoin ATM will allow legislators to carry out electronic currency purchase and sale operations.

Monreal Avila noted that several Latin American cities have already installed Bitcoin ATMs.

In Bogota, there are 25; with Panama having 19; Santo Domingo, 11; San Juan , Puerto Rico, 11; and Buenos Aires, 10.

Sao Paulo also carries nine Bitcoin ATMs, six in Tijuana, and five in Mexico City.

Bitcoin Cryptocurrency

Bitcoin has jumped back above $400,000 on Thursday, rising alongside U.S. stocks as signs emerged of accumulation by investors and greater adoption by nations from Africa to Central and South America, according to a Coin Desk report.

Jason Deane, the market analyst at Quantum Economics, noted that Bitcoin remains in a fairly tight range despite a series of positive news on the asset, such as potential sovereign adoption in Africa, as well as Cuba allowing licensed exchanges.

Deane also cited Mexico gradually moving towards the wide adoption of cryptocurrency.

The Central Bank of Cuba announced that it will issue licenses for virtual asset service providers, with the license being available to individuals or organizations both Cuban and foreign.

Panama has also passed a bill regulating crypto through the Panamanian Legislative Assembly.

Congressman Gabriel Silva said it will help Panama become a hub of innovation and technology in Latin America.

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This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Mexico is developing cryptocurrency - from CGTN America