A Mexican senator wants Bitcoin to be legal currency

A Mexican senator wants Bitcoin to be legal currency

Along the same lines as El Salvador, the Mexican senator Indira Kempis proposes changes to the Monetary Law of your country to include Bitcoin as legal tender to protect its use within the current financial system. Your goal is promote financial inclusion and economic innovation.

Latin American politics presented a bill to modify part of the Mexican Monetary Law, specifically article 2 of it, with the aim of legally recognizing Bitcoin. The senator asks, as can be read in the project law, “include virtual assets as part of the digital species that may be circulating in the national territory, for this, it establishes that only the central bank may be the one who issues a digital currency”.

It is necessary to carry out actions so that, with the use of technology, financial inclusion can be promoted and guaranteed.”, indicates the project. The senator justifies her position by stating that little more than half (56%) of their compatriots do not have a formal adherence to the traditional financial system. In particular, they do not have tools for savings, credit or protection against inflation. This generates a lack of trust and interest in banking institutions, so the agility and fluidity of Bitcoin could be a way out for this unbanked public.

In December 2021, Mexico ranked 14th out of 27 countries that own cryptocurrencies; Besides that the adoption rate in Mexico is 15.2%, ahead of Venezuela, with 14.6% and Colombia, with 14.5%; however, it is lower than the global average of 15.5%, the latest Finder Cryptocurrency Adoption Index revealed. According to the same report, 22.8% of Mexicans save in bitcoin, this being the most popular crypto. The second most popular coin is Ripple, with 13.4%, while the third place is occupied by Dogecoin, with 13.1%.

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Today only El Salvador and the Central African Republic accept Bitcoin as legal currency. In both cases, the focus is on financial inclusion and financial innovation, especially when dealing with countries without significant competitive advantages on the global stage.

Senator Kempis visited El Salvador earlier this year which served as the inspiration for her new bill. However, some analysts point out that the integration of cryptocurrency in the Latin nation could take some time, mainly due to the refusal of the Central Bank of Mexico and the Ministry of Public Finance. During her participation in the Bitcoin Conference 2022, the senator promised that she would approach the Mexican president to talk about her bill and the benefits of legalizing Bitcoin. These days she seems to have kept her promise.

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