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

Indira Kempis, a senator of the Mexican Parliament, has proposed a bill to make Bitcoin the legal tender in the country. The bill is based on the difficulties Mexican citizens face trying to access financial products and education. However, the Bank of Mexico has opposed the introduction of Bitcoin into the country’s financial system.

Bill proposes to make Bitcoin legal tender in Mexico

Mexico is another Latin American country looking at what Bitcoin could bring when it is introduced into its economy. This week, Senator Indira Kempis submitted a bill to amend the current Mexican currency law to introduce Bitcoin as the legal tender of Mexico. A bill that seeks to mimic the behavior of El Salvador, the world’s first country to adopt Bitcoin as fiat currency, states that this may help change the financial literacy of many citizens.

The Document The basis of the proposal is based on the fact that Mexico is one of the continental countries with less financial inclusion and education. According to the proposal, 56% of Mexico’s population does not yet have access to their bank accounts. That is, more than 67 million people do not have access to the most basic financial products.

Similarly, 68% of citizens do not have financial education, so on the surface most Mexicans cannot make informed decisions about how to handle savings, mortgages, or credit.

Central Bank Digital Currency and Bitcoin

However, the bill proposed by Senator Kempis conflicts with the course of action followed by the government and the Central Bank of Mexico. In January, the institution publication He is working on the creation of his own Central Bank Digital Currency (CBDC), the Digital Peso, which was expected to be in circulation by 2024 as a way to help Mexicans with financial inclusion problems.

Also, the Minister of Finance of Mexico, Arturo Herrera, Said In June, he said the use of cryptocurrencies was banned within Mexico’s financial system, and that his ban is unlikely to change in the short term. This measure was announced after Ricardo Salinas Priego, one of the wealthiest men in Mexico. report He worked to make Banco Azteca the first bank to accept Bitcoin in the country.

What do you think of the amendments proposed in Mexico to make Bitcoin legal tender? Please let us know in the comments section below.

Sergio Goshenko

Sergio is a Venezuelan-based cryptocurrency journalist. He lags himself behind the game and states that he entered cryptocurrencies when prices rose in December 2017. Having a background in computer engineering, living in Venezuela and being influenced by the cryptocurrency boom at the social level, he offers another perspective: cryptocurrency success and it has no bank account How it helps people and those who are not well serviced.

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