Mexican Senator to Propose Law Making Bitcoin Legal Tender: Report
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A Mexican senator says she will propose a new law to make top crypto asset Bitcoin (BTC) legal tender in Mexico after a visit to fellow Central American nation El Salvador.
Indira Kempis, who represents the state of Nuevo Leon, says she will create a proposal to the Mexican Congress this year based on the one that was approved in El Salvador last year, according to a report by El Salvador in English.
Kempis says El Salvador is becoming a powerful global Bitcoin hub and that BTC adoption could solve issues of financial inclusion in her home country.
“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, a path, a solution so that millions of people can be included in the financial system.”
Kempis goes on to say that Bitcoin adoption changed the world’s perception of El Salvador and possibly could do the same for Mexico.
“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.
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.”
Other benefits of BTC adoption include an increased rate of tourism, which has been on full display in El Salvador.
According to Morena Valdez, the El Salvador’s minister of tourism, the country has seen a 30% boost in its tourism sector after President Nayib Bukele made BTC legal tender in 2021.
Bitcoin is exchanging hands at $38,701 at time of writing, a 2% increase on the day.
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