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Usha Yadav
Jul 2, 2022
by Usha Yadav

Mexican Senator Proposes Bill to Make Bitcoin Legal Tender in Mexico

Mexico Bitcoin

Table of contents

  1. Bitcoin Accepted in Mexico as Legal Tender
  2. Bitcoin vs Central Bank Digital Currency
A bill to legalize bitcoin in Mexico has been put out by Senator Indira Kempis of the Mexican Congress. The difficulties Mexican residents encounter while attempting to obtain financial products and education serve as the basis for the bill's action. However, the Central Bank of Mexico has opposed the integration of bitcoin into the nation's financial system.

Bitcoin Accepted in Mexico as Legal Tender

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 nation in the world to accept bitcoin as legal cash, highlights how this could alter the financial literacy of many residents. The study bases its recommendation on Mexico being 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, meaning that 56% of the country's population still does not have these most fundamental financial tools.

Similarly, only 68% of Mexicans have access to financial education, which ostensibly prevents most people from making informed decisions about saving, mortgages, or how to handle credit.

Bitcoin vs Central Bank Digital Currency

The action taken by the government and the Central Bank of Mexico conflicts with the legislation that Senator Kempis has suggested. 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 to assist Mexicans with their issues with financial inclusion.

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Central Bank Digital Currency Bitcoin legal tender Indira Kempis Mexican Senator Central Bank of Mexico
Mexican Senator Proposes Bill to Make Bitcoin Legal Tender in Mexico
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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