Mexican Senate Proposes Bill to Make Bitcoin a Legal Tender

July 2, 2022

Reading Time: 2 minutes

In the midst of the crypto crash, Bitcoin is yet becoming a run-to asset when it comes to improving the global financial system, in a bid to improve Mexico’s financial system, a bill has been proposed in the Mexican Senate to legalize Bitcoin.

A senator of the Mexican Congress, Indira Kempis has proposed a bill that if passed, Mexico will join Bitcoin race leader El-Salvador in making Bitcoin a legal tender.

This bill is proposed to amend and improve the current monetary law in Mexico by recognizing Bitcoin as a legal tender.

Kempis Proposed the bill due to Mexico being one of the countries in its region with less financial inclusion and education. According to the bill, 56% of Mexicans do not yet have access to a bank account. This literally means about 67 million of the Mexican population do not have access to most basic financial instruments. 68% of Mexicans lack access to financial education, which resultantly makes most of the country’s citizens take decisions regarding mortgages, savings, and or how to deal with credits.

“It is necessary to carry out actions [adopt Bitcoin] so that the use of technology can promote and guarantee financial inclusion,” said Senator Kempis.

Bitcoin is still in its early stage, this is why it is still being criticized, more adoption by the world’s population will eventually leave world leaders with no option but to adopt Bitcoin and other cryptocurrencies.

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Mexico’s Plans For CBDC

Earlier this year, Mexico’s central bank disclosed its plans to create its digital currency, according to the governor of Mexico’s central bank, Rodriguez Ceja, Mexico’s central bank would release retail CBDC by 2025, citing fast payments options, and ensuring the efficiency of the economy and interoperability as motivation.

However, Senator Kempis’s proposed bill is conflicting with the course of action being followed by the central bank and the country’s government, in the plans of the government and the central bank, there are plans to create a digital Mexican Peso, while Kempis’s bill proposed Bitcoin.

Also, Mexico’s minister of finance, Arturo Herrera last month said the use of Bitcoin is forbidden in the country’s financial system, stating that the decision is not subjected to a change any time soon.

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