Indira Kempis, a senator in Mexico’s Congress, has proposed a bill that would make Bitcoin legal tender in the country. The bill bases its measures on the difficulties faced by Mexican citizens trying to access financial products and education. However, the Central Bank of Mexico was opposed to the introduction of Bitcoin into the country’s financial system.
Bill proposes making Bitcoin legal tender in Mexico
Mexico is another of the Latin American countries taking a look at what Bitcoin could bring if it is introduced into its economy. This week Senator Indira Kempis introduced a bill that would amend Mexico’s current currency law to make bitcoin legal tender in the country. The bill, designed to mimic the action of El Salvador, the first country in the world to adopt bitcoin as legal tender, mentions that it could help transform the financial literacy of many citizens.
The document justifies its proposal with the fact that Mexico is one of the countries on the continent with less financial inclusion and education. According to the proposal, 56% of Mexico’s population still does not have access to a bank account, meaning more than 67 million people still lack access to the most basic financial tools.
Likewise, 68% of citizens do not have access to financial literacy, reportedly leaving most Mexicans unable to make informed decisions about savings, mortgages, or handling credit.
Central Bank Digital Currency vs. Bitcoin
However, the bill proposed by Senator Kempis contradicts the approach taken by the government and central bank of Mexico. In January, the institution announced that it was working on creating a digital peso, its own central bank digital currency (CBDC), and that it is expected to be in circulation by 2024 to help Mexicans with their financial inclusion struggles .
Also, the Minister of Finance of Mexico, Arturo Herrera, stated in June that the use of cryptocurrencies is banned within the Mexican financial system, noting that his ban will not change in the short term. The move was announced after Ricardo Salinas Pliego, one of Mexico’s richest men, reported that he was working to make Banco Azteca the first bank to accept Bitcoin in the country.
What do you think of Mexico’s proposed change to make bitcoin legal tender? Tell us in the comment section below.
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