Home News Mexican senator to propose crypto law: ‘We need Bitcoin as legal tender’

Mexican senator to propose crypto law: ‘We need Bitcoin as legal tender’

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While El Salvador reports on the good impact of its Bitcoin (BTC) adoption, a Mexican senator has once again urged the country to follow El Salvador’s lead on Bitcoin.

Indira Kempis, a senator from the state of Nuevo León, believes that Bitcoin should be made legal tender in Mexico since it has the potential to increase global financial inclusivity.

The senator is now working on a cryptocurrency bill that is modelled after El Salvador’s “Bitcoin Law.” Kempis said in an interview with El Salvador In an English journal after visiting El Salvador a few weeks ago that she hopes to propose the law to the Mexican Congress this year.

“Financial exclusion is clearly one of the public problems that few of us have addressed with realistic options,” Kempis added. “With this type of technology, we can create an alternative that will allow millions of people to participate in the financial system.”

“Bitcoin adoption is a once-in-a-generation chance for countries around the world to address issues like inequality and attain financial inclusion,” the senator said.

“We need Bitcoin to be legal tender in Mexico. Because it will be exceedingly difficult to act if it isn’t, if we don’t follow El Salvador’s lead.”

El Salvador started the evolution

The senator further stated that President Nayib Bukele of El Salvador may have begun a Bitcoin revolution. That might extend to other countries. “Making Bitcoin legal tender levels the playing field for marginalised people in virtually every country,” she added.

Kempis has been a vocal supporter of the crypto industry since taking office in 2018. And he joined the laser eyes campaign in July 2018. “Now that I’m in politics, I want to promote it,” the senator said. She added that she’s been working in the cryptocurrency industry for years. And she is surrounded by a network of crypto entrepreneurs, developers, and enthusiasts.

As previously reported, additional Mexican senators, notably Eduardo Murat Hinojosa, began working on crypto-friendly legislation. After the Salvadoran Legislative Assembly enacted the Bitcoin Law in early June 2021. In October, Mexican President Andrés Manuel López Obrador said his country will not follow El Salvador’s path and accept Bitcoin as legal tender.

Mexican businessmen are encouraging crypto trading

The latest news comes as the cryptocurrency business in Mexico has recently gained pace. With Coinbase, a prominent global crypto exchange, last week allowing rapid bitcoin withdrawals into Mexican pesos.

Last Friday, Mexican billionaire businessman Grupo Salinas founder Ricardo Salinas Pliego came to Twitter to advise the public to acquire Bitcoin and “forget about selling”. He earlier recommended people acquire bitcoin in late 2021. Referring to fiat currencies such as dollars and euros as “false money made of paper lies.”

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