New Mexican Senator Proposes Bitcoin As Legal Tender – Is the Bill a Reality?

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Following the example of El Salvador—which has been riding Bitcoin successfully as legal tender for years now—many countries have questioned the same. Mexico is the latest one on a long list. Thanks to freshman senator Indira Kempis, Mexico may eventually adopt BTC as legal tender in the future. Of course, that won’t happen overnight, and many believe it won’t happen at all. But, Kempis is determined to make Bitcoin part of her political agenda.

It’s not the first time Kempis has shown support for cryptocurrencies. She raised some eyebrows last year when she introduced a bill for a central bank digital currency. The Nuevo Leon congresswoman believes that digital money is where the world is headed, and she’s trying to incorporate Bitcoin into it all.

A Ton of Research

Kempis isn’t just throwing terms around while trying to make Bitcoin legal tender. She admits that she had some difficulties understanding it. She had to do a lot of research to see how it all works with one goal – to understand the needs of entrepreneurs and investors and help them overcome it all. After that, she became part of the group that found Bitso, the largest cryptocurrency exchange in Mexico.

After getting into politics, she used her newfound knowledge to became an advocate for legal crypto transactions. The bill she introduced last year was solely focused on CBDCs. There were no mentions of Bitcoin or other cryptocurrencies. However, it was a major first step towards establishing the legal framework the country needs to eventually accept Bitcoin as legal tender.

Now, Kempis is finally facing some opposition on her bill. In the beginning, no one understood anything and they just brushed her bill off. But, after a Bitcoin ATM was installed inside the Mexican Senate, certain eyebrows were raised.

While the attention Kempis’ bill gets is both positive and negative, that’s only because no one understands Bitcoin, according to her. She’s not upset about it, and considered the rejections as an important piece of moving the system forward. She’s currently looking into legislators in all states to see where they stand regarding the bill. Her plans include communication with the Mexican public to inform people if their representatives are for or against this type of innovation.

A Major Tech Scene

Mexico is known for its bursting tech scene. It has a pioneering fintech law industry, and its youth is quite tech-savvy. Forget everything you’ve heard about the country – the reality is that it’s quite a tech hub. Mexicans have a wide set of crypto products available, and many crypto wallets are available in indigenous languages.

That will be of great help if Kempis’ bill passes. But, there’s no promise that it ever will. The reality is that there’s still a long way to go. Mexico has pondered Bitcoin legalization before, and there has been no front on that part so far. That won’t make Kempis back down. In fact, she plans to continue her Bitcoin crusade, and we wish her all the best.

November 1, 2023: • No Comments

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