Mexico: senator proposes law to make Bitcoin legal tender
Mexico: senator proposes law to make Bitcoin legal tender

Mexico: senator proposes law to make Bitcoin legal tender

By Vincenzo Cacioppoli - 24 Feb 2022

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Mexico could be the second state in the world, after El Salvador, to adopt Bitcoin as legal tender. At least that would be the intention of a bill presented in recent days, by the Mexican senator of the state of New Leon, Indira Kempis.

The senator says she is convinced that this would be the only way for the Mexican country to be more financially inclusive with its population. 

In fact, in an interview with the newspaper “Diario El Salvador”, the senator spoke of the great advantages that the adoption of Bitcoin in the country can make it an inclusive currency for the many people in the country who do not have a bank account.

“We need bitcoin to be legal tender in Mexico, because otherwise, if we don’t make that decision like El Salvador did, it will be very difficult to implement further actions”,

she said in her interview with the newspaper. 

However, according to initial indications from Senate sources, it seems highly unlikely that this bill will pass. But Kempis seems intent on continuing with her bill, convinced that legal Bitcoin could be a great opportunity for the Central American country.

The senator also argued that El Salvador‘s President Bukele would start an unstoppable revolution and that many other countries would soon follow his example, especially those in developing economies.

“Making Bitcoin legal tender means creating a level playing field for excluded people”.

Kempele is not the only senator to be in favour of Bitcoin and cryptocurrencies, such as Senator Eduardo Murat Hinojosa, who tweeted back in June that he was working on a new law to adopt cryptocurrencies legally in the country. 

But Mexican President Manuel Lopez Obrador, who in October declared that there is no chance that Mexico will make Bitcoin legal tender, does not seem to think so. 

While the road to adopting Bitcoin as legal tender seems to be an uphill one for the moment, there are also plans for a digital state currency. According to some government sources, the project for a state CBDC in Mexico should see the light of day by 2024

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog., he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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