Indira Kempis, a senator in the Mexican Congress, has proposed a bill that would make bitcoin legal tender in the country. The bill bases its action on the difficulties faced by Mexican citizens trying to access financial products and education. However, the Central Bank of Mexico opposed the introduction of bitcoin into the country’s financial system.
Bill proposes to make bitcoin legal tender in Mexico
Mexico is another of the Latam countries looking at what bitcoin could bring once introduced to its economy. This week, Senator Indira Kempis introduced a bill that would change Mexico’s current monetary law to introduce bitcoin as legal tender in the country. The bill, which seeks to emulate the action of El Salvador, the first country in the world to adopt bitcoin as legal tender, mentions that it could help change the financial literacy of many citizens.
The document bases its 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 does not have access to a bank account, which means that more than 67 million people still do not have access to the most basic financial instruments.
Similarly, 68% of citizens lack access to financial education, which apparently renders most Mexicans unable to make informed decisions about savings, mortgages or credit management.
Central Bank Digital Currency vs Bitcoin
However, the bill proposed by Senator Kempis clashes with the course of action followed by the government and the Central Bank of Mexico. 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 should be in circulation by 2024 in order to help Mexicans in their financial inclusion issues. .
Additionally, Mexico’s Finance Minister Arturo Herrera said in June that the use of cryptocurrencies was banned within Mexico’s financial system, noting that his ban was not likely to change in the short term. The move was announced after Ricardo Salinas Pliego, one of Mexico’s richest men, announced that he was working to make Banco Azteca the first bank to accept bitcoin in the country.
What do you think of the proposed amendment in Mexico to make bitcoin legal tender? Tell us in the comments section below.
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