Mexico to propose a cryptocurrency bill inspired by El Salvador

Mexican senator Indira Kempis is developing a cryptocurrency bill that will be introduced to Mexican congress this year. 

Indira Kempis of the Mexican state of Nuevo León recently shared with the publication El Salvador in English her desire to make Bitcoin legal tender in Mexico. Kempis noted in the interview that her crypto law proposal is similar to the proposal approved by the Salvadoran congress.

Kempis noted that El Salvador is becoming one of the most important hubs for Bitcoin in the world, and she urged Mexico to follow in El Salvador’s footsteps:

“It is a historic opportunity that this type of project is being carried out in a Central American country. 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 not on those public problems, but because of this great call at a global level with bitcoin”

“It is clear to me that financial exclusion is one of the public problems that few of us have addressed with feasible alternatives, and that this type of technology is allowing us to generate an alternative so that millions of people can be included in the financial system,”

She added:

“I have surrounded myself with several people who have worked with bitcoin for years. I have a community of entrepreneurs, of technologists, and of friends who are very knowledgeable and have told me for a long time, ‘you have to be and you have to be part of this world’ And now that I am participating in politics, I seek to promote it”

President Bukele of El Salvador tweeted on Sunday that he would welcome crypto entrepreneurs from around the world, who would invest in the future of his country, as citizens. He tweeted shortly before the Legislative Assembly of El Salvador began studying the package”

“I am sending 52 legal reforms to Congress, to eliminate bureaucracy, reduce red tape, create tax incentives, citizenship in exchange for investment, new securities laws, stability contracts,”

President Bukele has faced international scrutiny for his decision to accept Bitcoin as legal tender last September. The expected domino effect in Latin America has led to countries such as Ecuador and Uruguay to potentially follow suit, and a proposed law to legalise Bitcoin in Paraguay. Nonetheless, business communities in neighbouring Guatemala and Honduras have shared their concerns about how it may affect trade.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.