Like El Salvador, Mexico is also considering adopting bitcoin. This is in any case part of the Senate’s discussions with Senator Indira Kempis in the lead. This initiative constitutes a milestone in the crypto revolution in Latin America.
Mexican senator wants to make Bitcoin legal tender
In Mexico, Senator Indira Kempis is leading legislative discussions aimed at establish Bitcoin as legal tender. Hailing from the state of Nuevo León, she recently amended an initial CBDC bill to include Bitcoin. Obviously, this Steps has been praised by many cryptocurrency supporters. It also sparked negative reactions.
Initially, Kempis’ bill did not mention Bitcoin or decentralized assets. It was mainly abouta pragmatic approach aimed at establishing a legal framework necessary for Mexico to recognize Bitcoin as legal tender. The fact of integrating Bitcoin into the bill then gives rise to debates and questions within the Mexican government.
Bitcoin adoption: A major challenge in Mexico
Bitcoin adoption in Mexico is an ongoing process. The bill needs to be discussed further. The Mexican Senate also demands an analysis and a formal position on the part of the institution.
The position of the leaders of the Central Bank is particularly a determining factor. The former head of the Central Bank was a “fierce critic” of Bitcoin, while the current governor, Victoria Rodríguez, has remained silent in most discussions surrounding Bitcoin.
Some Mexican politicians, such as Andrés Manuel López Obrador, claim that Mexico would not adopt Bitcoin as legal tender, despite the example of neighboring El Salvador. However, Mexico is working on the development of “digital peso» which should see the light of day in 2024.
The Salvadoran experience as an example
The adoption of Bitcoin as legal tender in El Salvador in 2021 is seen as an example for Mexico. El Salvador is in fact the first country in the world to take this bold step. Salvadoran legislation also allowed the creation of “Bitcoin City”. Added to this is the issuance of “Volcano Bonds,” digital assets backed by Bitcoin. As Salvadoran President Nayib Bukele often says, the adoption of bitcoin was a salvation for El Salvador. Of course, this move was not without controversy.
With Mexico’s move to adopt bitcoin as legal tender, the Latin American region could become the next crypto hub. But many challenges remain to be met!
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