Senator Indira Kempis Proposes Bill to Make Bitcoin Legal Tender in Mexico – Regulation Bitcoin News


Indira Kempis, a senator from the Mexican Congress, proposed a bill that would make bitcoin a legal tender in the country. The bill bases its action on the difficulties Mexican citizens face in trying to access financial products and education. However, the Central Bank of Mexico was against the introduction of bitcoin into the country’s financial system.

Bill Proposes Making a Bitcoin Legal Package in Mexico

Mexico is another of the countries in Latam that is looking at what bitcoin could bring when introduced into its economy. This week, Senator Indira Kempis introduced a bill that would change Mexico’s current monetary law to introduce bitcoin as a legal tender in the country. The bill, which aims to mimic the performance of El Salvador, the first country in the world to adopt bitcoin as a legal tender, mentions that this could help change the financial literacy of many citizens.

La document lays the foundation of his proposal on the fact that Mexico is one of the countries on the continent with less financial inclusion and education. According to the proposal, 56% of the Mexican population still lacks access to a bank account, meaning that more than 67 million people still do not have access to the most basic of financial instruments.

In the same vein, 68% of citizens do not have access to financial education, which apparently makes most Mexicans unable to make informed decisions regarding savings, mortgages, or how to deal with credit.

Central Bank Digital Currency against Bitcoin

However, the bill proposed by Senator Kempis clashes with the action the government and the Central Bank of Mexico have followed. In January, the institution announced that it was working on the creation of a digital peso, its own central bank digital currency (CBDC), and that it was expected to be in circulation by 2024 as a way to help Mexicans with their financial inclusion problems. .

Also, Mexico’s finance minister, Arturo Herrera, declared in June that the use of cryptocurrencies has been banned within the Mexican financial system, noting that his ban is unlikely to change any time soon. This measure was announced after Ricardo Salinas Pliego, one of the richest men in Mexico, reported that he was working to make Banco Azteca the first bank to accept bitcoin in the country.

What do you think of the amendment proposed in Mexico to make bitcoin a legal tender? Tell us in the comments section below.

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Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price hike occurred during December 2017. Having a computer engineering background, living in Venezuela, and being affected by the cryptocurrency boom on a social level, he offers a different point of view. about crypto success and how it helps the unbanked and underserved.

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