During the world’s biggest crypto convention – the Conference Miami 2022, Mexican senator Indira Kempis, announced her intention to present a bill within the next two months that would see Bitcoin become a legal tender in the country.

Kempis shared the stage with Samson Mow (ex-chief strategy officer for Blockstream), and explained how the legislation would alter regulations regarding Fintech and Monetary Law in order to convert Bitcoin into a constitutional rights for the people.

Kempis claims that 66 million Mexicans are not able to access the financial system. Accordingly, Kempis proposes Bitcoin as a solution. It will allow inclusion, financial education, and even provide financial literacy.

“Making bitcoin a legal tender means putting a level playing field for people who are excluded in almost all countries…We need bitcoin to be legal tender in Mexico, because if it is not so, if we do not make that decision as El Salvador did, it is very difficult to take action,”
Kempis declared in February.

Kempis spoke out about a potential meeting with Andres Manuel Lopez Obrador, the Mexican president. The two would discuss Kempis’ proposal of making Bitcoin a legal tender in the country, intended as a way to “improve quality of life and reduce social inequality.”

Mexico has not yet established regulations regarding cryptocurrency. Kempis, among others, and several senators also declared that they intend to create a legal crypto framework.

“Every time El Salvador was discussed, it was always to address issues of migration, violence, and organized crime, and now the world’s gaze is no longer on those public problems, but rather because of this great call at a global level with Bitcoin,”
Sie said.

This issue has not seen much progress. President Lopez Obrador has previously remarked that it was highly unlikely that Mexico would follow in El Salvador’s footsteps, believing instead that Mexico should “maintain orthodoxy in finances and try not to innovate much.”

Why you should care

Bitcoin can be used as a legal currency in countries that want to increase their economic growth and attracted investors.

Continue reading on DailyCoin