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Indira Kempis, senator for the Mexican Congress, has proposed a bill that would make bitcoin a legal tender in the country. The bill bases its action on the difficulties facing Mexican citizens, trying to gain access to financial products and education. However, the Central Bank of Mexico has opposed the introduction of bitcoin in the country’s financial system.
Mexico is another of the countries in Latam that takes a look at what bitcoin can bring when they are introduced to their economy. This week, Senator Indira Kempis introduced a bill that would change the current money law in Mexico to introduce bitcoin as the legal tender in the country. The bill, which seeks to emulate the action of El Salvador, the first country in the world to use bitcoin as a legal tender, mentions that this may help change the economic competence of many citizens.
The document lays the foundation for its proposal on the fact that Mexico is one of the countries on the continent with less economic inclusion and education. According to the proposal, 56% of the Mexican population still lacks 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 the population does not have access to financial education, which apparently means that most Mexicans can not make informed decisions regarding savings, mortgages or how to handle credit.
However, the bill proposed by Senator Kempis conflicts with the course of action that the government and the central bank of Mexico have followed. In January, the institution announced that it was working to create a digital peso, its own digital currency (CBDC), and that it was expected to be in circulation by 2024 as a way to help Mexicans in their economic inclusion problems.
The Minister of Finance of Mexico, Arturo Herrera, also stated in June that the use of cryptocurrencies was banned in the Mexican financial system, and noted that his ban is unlikely to change in the short term. This move was announced after Ricardo Salinas Pliego, one of the richest men in Mexico, reported that he was working to make Banco Azteca the first bank to accept bitcoin in the country.
What do you think about the change proposed in Mexico to make bitcoin a legal tender? Tell us in the comments section below.
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