Senator Indira Kempis Proposes Bill to Make Bitcoin Legal Tender in Mexico – Another country in Latam looking into the potential benefits bitcoin could have for its economy is Mexico. A bill to change Mexico’s existing monetary law and make bitcoin legal tender was unveiled this week by senator Indira Kempis.
The proposal, which aims to follow El Salvador’s lead in becoming the first country in the world to accept bitcoin as legal tender, highlights how this could alter the financial literacy of many residents.
The document bases its proposal on the fact that Mexico is one of the continent’s least educated and financially inclusive nations. Over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of financial tools.
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Similarly, only 68% of Mexicans have access to financial education, which ostensibly prevents the majority of people from making informed decisions about saving, mortgages, or how to handle credit.
The course of action taken by the government and the Central Bank of Mexico is in contrast with the legislation that Senator Kempis has suggested.
Senator Indira Kempis Proposes Bill to Make Bitcoin Legal Tender in Mexico – The organization said in January that it was trying to develop a digital peso, its own central bank digital currency (CBDC), and that it was anticipated to be in use by 2024 as a means of assisting Mexicans with their issues with financial inclusion. Additionally, Mexico’s finance minister, Arturo Herrera, declared in June that using cryptocurrencies inside the country’s financial system was forbidden and that his position was unlikely to alter in the near future.
