Senator Indira Kempis proposes changes to Mexico's Monetary Law to include Bitcoin as legal tender.
Bitcoin, the world's first successful open-source cryptocurrency, has the potential to promote true financial inclusion.
This is the belief of the Mexican senator for the state of Nuevo León, Indira Kempis, who has presented a bill to the Senate to introduce this cryptocurrency to the country's financial system.
Senator Kempis seeks to have Mexico adopt Bitcoin as legal tender, to support its use within the current financial system and promote financial inclusion for the unbanked.
As an open, decentralized alternative system, Bitcoin is a powerful tool that can help build a better financial future for everyone.
Kempis' proposal to legalize Bitcoin in Mexico
The bill that Senator Kempis seeks to introduce into Mexico's Monetary Law proposes to reform Article 2 of the same with the aim of legally recognizing Bitcoin.
As read in article 2 of the document submitted, “Bitcoin will be considered legal tender in the Mexican Republic”, if the law reform is approved.
In its proposal, Kempis points out that the 56% of Mexicans are excluded from the current financial system, according to the latest national report on Financial Inclusion in Mexico.
However, Bitcoin and its underlying technology are important allies in meeting this need and solving one of the biggest problems affecting the Mexican population, Kempis said.
Mexico could follow El Salvador and Central African Republic
The proposed reform bill presented by the senator is in line with the vision of two other countries in the world: El Salvador Street y Central African Republic.
In these nations, their leaders have already enacted Bitcoin as legal tender, allowing its free use and encouraging its adoption as a tool for financial inclusion and economic empowerment.
Kempis visited El Salvador earlier this year and has since been focused on accelerating Bitcoin adoption in the country. However, some analysts point out that the integration of the cryptocurrency in the Latin nation could take some time, mainly due to the refusal of the Central Bank of Mexico and the Ministry of Public Finance, as well as the lack of interest of the current president, Manuel López Obrador.
During her participation in the Bitcoin Conference 2022, held in the city of Miami (United States), Senator Kempis promised that she would approach the Mexican president to talk about her proposed law and the benefits of legalizing Bitcoin.
In addition to promoting financial inclusion, Bitcoin can also be an important driver of technological development in Mexico.
Bitcoin for economic empowerment
Bitcoin's evolution since its birth in 2009 has been quite remarkable. This cryptocurrency has gone from being just a digital currency with which to make value transactions to becoming one of the main financial assets worldwide, despite its great volatility in the market.
Michael Saylor, one of the most prominent figures in the crypto industry, sees Bitcoin as a potential long-term store of value, thanks to its limited issuance and scarcity. Furthermore, due to its technological innovation, he has repeatedly said that Bitcoin is “pure digital energy.”
Journalist SJ Ware published an article in the magazine Bitcoin Magazine a year ago, noting that Bitcoin “For many, it is the first opportunity to store wealth in a safe way, without external manipulation”.
Also, in the middle of this month, a group of human rights defenders sent a letter to the United States Congress in defense of Bitcoin and its benefits for the development of the global economy.
La letter, signed by human rights defenders from 20 countries, acknowledges the current problems that exist in the crypto industry. Still, it asserts that Bitcoin is much more than a technology and that it provides financial inclusion and economic empowerment, “because it is open and without permission”.
Continue reading: Cryptocurrencies in Mexico: An opportunity for financial inclusion
