Bitcoin and cryptocurrencies are making their way in Mexico with the support of Indira Kempis and Ricardo Salinas, who believe in the potential of new technologies to solve the problems of financial inclusion.
Mexican Senator Indira Kempis, representing the state of Nuevo Leon, has confirmed the installation of a Bitcoin ATM in the Senate of the Republic, in Mexico City. The initiative seeks to educate legislators about the potential offered by cryptocurrencies and blockchain technology.
Kempis, who is leading the development of a bill to replicate El Salvador's Bitcoin regulatory model in Mexico, highlighted that the first cryptocurrency ATM in the Senate will boost financial education and inclusion.
The Mexican senator has been supporting the adoption of Bitcoin as legal tender in the country following her visit to El Salvador in February. At the time, she noted that Bitcoin and cryptocurrencies offer a viable solution to global financial inclusion issues and, in Mexico, will help mitigate so much social inequality.
During the Bitcoin Conference 2022, held in the city of Miami (United States), Kempis proposed a meeting with the country's president, Andrés Manuel López Obrador, to present his plan to regulate Bitcoin in Mexico.
Also, Senator Ricardo Monreal, stated that it is in the country's interest to adopt Bitcoin for maintain its competitiveness compared to the rest of the world. Gustavo Madero, senator of the Plural Group, was one of the first to approach the new Bitcoin ATM to familiarize himself with this technology.
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Ricardo Salinas: “What I’m going to do is buy my bitcoins”
Meanwhile, Mexican billionaire Ricardo Salinas Prieto, owner of Grupo Salinas and the third richest man in the country, announced that his new plan is to increase his Bitcoin holdings. Salinas had said in February that he was interested in entering the Bitcoin mining business.
However, he recently reported on Twitter that the regulatory uncertainty that exists in Mexico regarding cryptocurrencies has led him to reconsider this plan. “Shoemaker, stick to your last, I am an investor and what I am going to do is buy my bitcoins”, said the Mexican businessman and investor.
According to Salinas, buying or investing directly in bitcoins is currently less risky in the country than mining this cryptocurrency. He also pointed out that energy costs do not give him a particular advantage in this activity, despite having Grupo Dragón, the energy arm of his conglomerate of companies.
Thus, after analyzing the pros and cons of mining bitcoins in Mexico, during a space attended by 11.700 people virtually, the Mexican billionaire concluded that the best way to contribute to the crypto ecosystem is to increase his BTC holdings.
Since Salinas began investing in Bitcoin in 2020, he has exponentially increased his stake in this cryptocurrency. He started by allocating 10% of his investment portfolio to Bitcoin. Currently, 60% of his investment portfolio is made up of this digital asset.
Cryptocurrencies in Mexico
Mexico still has a long way to go to position itself as a leader in the crypto industry. Although companies such as Chainalysis and Finder are registering a growing interest in crypto assets in Mexico, its current president, the Central Bank and the Ministry of Finance still question the potential of these innovations.
However, the allies that the crypto industry has gained in the country could push for change, moving towards a regulation that would make Mexico a cryptocurrency-friendly nation.
In this regard, the director of Talent Land, José Rodríguez, acknowledged that the installation of the first Bitcoin ATM in the Senate of the Republic opens the door to new possibilities in the Latin American country. Rodríguez noted on Twitter that The next cities that could have their own Bitcoin ATM are Monterrey and Guadalajara, which has seen growing interest in cryptocurrencies over the past year.
In total, the Coin ATM Radar platform records 13 BTC ATMs installed in Mexican territory currently.
Cryptocurrency payments at Elektra and Rappi
On the other hand, Salinas, in addition to investing in Bitcoin, also implemented the market-leading cryptocurrency among the payment options offered to its clients at Grupo Elektra, one of the largest retail chains in the country and in Latin America.
Likewise, as Bit2Me News recently reported, the brokerage and home delivery services company Rappi has launched a pilot to allow its customers to pay for their orders with several of the most important and well-known cryptocurrencies on the market.
All of this could accelerate the creation of a regulatory framework for bitcoin and cryptoassets in Mexico, making the country a popular destination for participants and investors in this industry.
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