Mexican senator to propose crypto law: ‘We need Bitcoin as legal tender’

Mexican senator to propose crypto law

A government official in Mexico has once again urged the country to follow El Salvador’s lead on Bitcoin (BTC) adoption, despite El Salvador reporting on the good impact of the country’s adoption. Indira Kempis, a senator from the state of Nuevo León, believes that Bitcoin should be made legal tender in Mexico since it has the potential to expand global financial inclusivity. Kempis revealed in an interview with El Salvador In English that she is working on a cryptocurrency bill based on El Salvador’s “Bitcoin Law” and expects to present it to the Mexican Congress this year.“ 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,” Kempis said. The senator went on to say that Bitcoin adoption is a historic opportunity for countries around the world to address issues like inequality and achieve financial inclusion, stating:“ 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.” The senator further speculated that Salvadoran President Nayib Bukele may have sparked a Bitcoin revolution that may spread to all nations. “Making Bitcoin legal tender equalizes the playing field for people who are marginalized in practically every country,” she continued. Kempis has been aggressively pushing the crypto business in recent years after taking office in 2018, joining the laser eyes movement in July 2018. “Now that I am engaged in politics, I wish to promote it,” the senator stated, adding that she has been involved in the cryptocurrency business for years and is surrounded by a network of crypto entrepreneurs, developers, and aficionados. As previously reported, other Mexican senators, including Eduardo Murat Hinojosa, were working on crypto-friendly legislation shortly after the Salvadoran Legislative Assembly passed the Bitcoin Law in early June 2021. In October, Mexican President Andrés Manuel López Obrador declared the country was unlikely to follow in El Salvador’s footsteps by adopting Bitcoin as legal tender. The latest news comes amid the cryptocurrency industry’s growing momentum in Mexico recently, with major global crypto exchange Coinbase launching instant crypto withdrawals into Mexican pesos last week. Ricardo Salinas Pliego, Mexican billionaire businessman and founder of Grupo Salinas, took to Twitter last Friday to recommend the public buy BTC and “forget about selling.” He previously advised people to buy BTC in late 2021, calling fiat money like dollars and euros “fake money made of paper lies.”