Senator Proposes Bill to Make Bitcoin Legal Tender in Mexico

Senator Proposes Bill to Make Bitcoin Legal Tender in Mexico

A bill to make a bitcoin legal tender in Mexico was unveiled by Senator Indira Kempis as the whole of Latin America is starting to explore the potential value of bitcoin and other cryptocurrencies.

The proposed bill reads that Mexico is one of the Latam countries with the lowest levels of financial inclusion and education. 

As per the bill, 56% of the Mexican population still does not have access to a bank account, which means that more than 67M individuals are still without access to the most fundamental of financial tools.

Senator Kempis’ bill, however, contradicts the course of action taken by the government and the Central Bank of Mexico. 

In January, the bank revealed that it was developing a digital peso, its own CBDC, which will be in circulation by 2024 to help Mexicans with their financial inclusion issues.

In addition, Mexico’s finance minister, Arturo Herrera, declared in June that the usage of cryptocurrencies was forbidden within the Mexican financial system and that his stance was unlikely to alter in the near future.

Compiled by Coinbold

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