Mexico cash restriction law Digital Economy Law digital payments, Digi Mart USA News (Mexico City, Mexico): The government of Claudia Sheinbaum has published the Digital Economy Law for Digital and Electronic Payments in the Diario Oficial de la Federación (DOF). The law authorizes the Secretaría de Hacienda to determine which economic activities may prohibit cash payments and where electronic payments will be mandatory.
The most controversial provision is Article 13, which allows Hacienda to specify the sectors where bank cards, transfers and other digital methods will be the only accepted form of payment. The ministry will have 15 business days from the law’s entry into force to announce the first activities subject to this measure.
According to the report, the first block is expected to be announced on November 19, although the list could later be expanded.
Critics have raised questions about the scope of this discretionary power, possible constitutional issues and the risk of financial exclusion. The concern is particularly significant for people without bank accounts, cards or internet access.
Mandatory digital payments could complicate everyday transactions for segments of the population that still rely on physical money.
Although the government aims to move toward an economy with less circulation of banknotes and coins, cash will not disappear across the country. Its use will remain permitted in activities that Hacienda does not include in the restrictions, and the law provides exceptions for contingencies or technological failures.
The reach of the reform will now depend on decisions made by Hacienda. However, the ability to restrict cash without clearly defined parameters places in the ministry’s hands a power that could change how millions of Mexicans carry out their transactions.
