Crypto

Mexico wants to follow El Salvador and make Bitcoin legal tender

Mexico wants to follow El Salvador and make Bitcoin legal tender

A Mexican lawmaker believes it’s time to bring cryptocurrency into mainstream finance

Mexico Senator Indira Kempis caused controversy when she introduced legislation in 2022 to produce a central bank digital currency (CBDC). She’s now making Bitcoin the focus of her current political efforts.

The congresswoman from Nuevo León previously had little Bitcoin knowledge. Still, her recent involvement in helping the group that would become Bitso, Mexico’s biggest cryptocurrency exchange, revealed the obstacles faced by crypto entrepreneurs.

Kepis introduced a bill to deal with these challenges, initially focused on a CBDC, with the goal of setting up the legal framework to make Bitcoin legal tender. The proposal had little opposition initially because, as Kempis stated, “nobody understood Bitcoin.”

Now that the conversation has picked up regarding the bill, it’s started getting attention from both sides. She recognizes that opposition is an indication of progress and remains undeterred.

Mexico has a thriving tech industry and is a pioneer in fintech laws, with citizens that embrace technology. Chainalysis reports show that citizens can access various crypto products, along with digital wallets available in indigenous languages spoken by few people.

The bill is still being debated but still has a long journey ahead. The Mexican Central Bank plays a large part in the process, and the Mexican Senate awaits a formal analysis from the institution to arrive. The former head of the central bank was a Bitcoin critic, and the current governor, Victoria Rodríguez, hasn’t given an opinion on the Bitcoin issue.

Mexican President Andrés Manuel López Obrador has made it clear that Mexico wouldn’t adopt Bitcoin as legal tender after El Salvador’s groundbreaking legislation. However, with a possible change coming to the presidency, new plans may come into focus.

Kempis has also revealed she will run for president in the 2024 election and will continue to advocate for Bitcoin, whether she wins or loses. She views the legislative branch’s role as educating and moving forward with well-executed regulations and laws.

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