Bitcoin Bill Proposed by Senator Indira Kempis Would Make It Legal Tender In Mexico

July 2, 2022

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Bitcoin Bill Proposed by Senator Indira Kempis Would Make It Legal Tender In Mexico. Mexico’s congressional senator Indira Campis has proposed a bill that would make Bitcoin legal tender in the country. This bill is based on the challenges that Mexican citizens have when trying to access financial products and education. However, Mexico’s central bank is against the introduction of bitcoin into the country’s financial system. Mexico is one of the other countries in Ladam that wants to see what Bitcoin can do for its economy. This week, Senator Indira Campis introduced a bill to amend Mexico’s current monetary law and introduce Bitcoin as legal tender in the country.

According to the measure, which follows El Salvador’s lead as the first nation in the world to adopt bitcoin as legal tender, it will alter the financial literacy of many residents. The argument in this article is based on the fact that Mexico is one of the nations on the continent with the least access to finance and education. More than 67 million individuals still do not have access to fundamental financial tools since, according to the research, 56% of Mexicans still do not have a bank account. Similar to this, 68% of people lack access to financial education, making it difficult for the majority of Mexicans to make judgments on how to handle savings, mortgages, or debt.

However, the bill proposed by Senator Campis contradicts the actions taken by the government and the Central Bank of Mexico. In January, the company is expected to work in its central digital weight, and by 2024 the Mexicans expect to help the Mexican people in their financial acceptance. In addition, the Minister of Finance of Mexican Finance Arthro Gerra said that the use of encrypted currencies in the Mexican financial system was banned in June and that its ban is unlikely to change soon. The move comes after one of Mexico’s richest men, Ricardo Salinas Plego, announced that he is working to make Banco Azteca the first bank in the country to accept bitcoins.

Read more: Rio de Janeiro moves forward with its intentions to integrate Bitcoin

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