Mexican Senator Indira Kempis Proposed Bill To Legalize Bitcoin

• Over 67 million individuals in Mexico still do not have access to a bank account.
• Indira Kempis proposed a bill to accept BTC as legal tender in Mexico.

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico and claims the second-largest market that accepts BTC as legal currency. However, the Central Bank of Mexico has opposed the adoption of bitcoin into the nation’s financial system.

El Salvador is the first country that accepts bitcoin as legal tender, and following that, Indira Kempis, a senator in Mexico’s congress federal government, has proposed a bill to change the nation’s monetary law that would make BTC legal currency. 

Senator passes the Bill 

The difficulties Mexican residents experience while attempting to obtain financial products and education serve as the basis for the bill’s action. Kempis presented two law reform proposals to Congress in April, but none mentioned bitcoin or other decentralized digital assets.

The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system.

Similarly, only 68% of Mexicans have access to financial education, which ostensibly prevents the majority of people from making informed decisions about saving, mortgages, or how to handle credit.

The action taken by the government and the Central Bank of Mexico is in opposition to the legislation that Senator Kempis has suggested. The organization said in January that it was trying to develop a digital currency, its own central bank digital currency (CBDC). The Mexican CBDC is  expected to be released by 2024 as a means to support Mexicans with their issues with financial inclusion.