Mexican President Enrique Peña Nieto is presenting a legislation that proposes to regulate  cryptocurrency to the Mexican Senate today, according to reports.

The legislation states that cryptocurrencies are not considered legal tender in Mexico, and proposes that the country’s central bank – the Bank of Mexico – should regulate firms working with these cryptocurrencies.

The legislation, which aims to prevent money laundering and other financial crimes, also proposes to regulate fintechs within the country.

Read more at Fortune and CoinDesk.