Indira Kempis (senator from the Mexican Congress) has introduced a bill to make Bitcoin legal tender in Mexico. It is based on the difficulties that Mexicans face when trying to get financial products and education. The Central Bank of Mexico, however, has opposed the inclusion of bitcoin in the national financial system.
Mexico’s Bill Proposes Legal Bitcoin Tender
Mexico is one of many countries that has been looking at the potential benefits bitcoin could bring to their economy. Sen. Indira Kempis, a senator from Mexico introduced a bill to amend Mexico’s current monetary laws in order to allow bitcoin legal tender. This bill seeks to imitate El Salvador’s action and make bitcoin legal tender in Mexico. It also mentions the possibility of a financial literacy revolution.
This document focuses on Mexico’s low level of education and financial inclusion. According to the proposal 56% of Mexicans still don’t have access bank accounts. That means more than 67,000,000 people are still without access to financial services.
In the same vein, 68% of citizens don’t have access to financial education, which ostensibly renders most Mexicans unable to take educated decisions regarding savings, mortgages, or how to deal with credit.
Central Bank Digital Currency vs Bitcoin
The bill that Senator Kempis proposed is in direct contradiction to the actions taken by the Central Bank of Mexico and the government. It was announced by the institution in January that the digital peso was being created. This digital currency is owned and controlled centrally by the Central Bank of Mexico. The digital peso was to become a means of helping Mexicans solve their problems with financial inclusion.
Arturo Herrera from Mexico was also the Mexican finance minister. In June, Herrera stated that cryptocurrency use was forbidden within the Mexican financial system. Herrera said this in a comment that it was unlikely that that prohibition will change. After Ricardo Salinas Pliego (one of Mexico’s richest men), reported that he wanted Banco Azteca to become the first Mexican bank to accept Bitcoin.
How do you feel about Mexico’s proposal to allow bitcoin as legal tender? Leave a comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerInformational: This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.