A Mexican Senator Intends To Legalize Bitcoin.

Later this year, Mexican Senator Indira Kempis will begin the process of making bitcoin official money in Mexico. She stated that the law presented to the Salvadorean Congress will serve as the foundation for her legal draft.

This year, Mexican Senator Indira Kempis will introduce to Congress a new crypto bill modeled after the Salvadoran Congress counterpart.

Senator Kempis of Nuevo Leon experienced the emerging bitcoin ecosystem during a recent visit to El Salvador. She sees El Salvador’s use of bitcoin as legal money as a public experiment. She plans to propose a new bill to the Mexican Congress later this year in order to assist Mexico embrace cryptocurrencies as legal tender.

She said:

“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. It is clear to me that financial exclusion is one of the public problems that few of us have addressed with feasible alternatives.”

Given its previous notoriety, Kempis congratulated El Salvador for being a worldwide pioneer for cryptocurrencies. Previously, the Central American country was known for only three issues: migration, violence, and organized crime. Kempis applauds El Salvador’s president, Nayib Bukele, for igniting a revolution that will affect all nations. “Making bitcoin legal tender means leveling the playing field for people who are excluded in almost every country.”

Kempis took office on August 28, 2018. She holds a master’s degree in Public Administration and Public Policy. Early signs of her interest in cryptocurrency included altering her Twitter profile photo to the distinctive “laser eyes,” which she shared with fellow senator Eduardo Murat Hinojosa.

Bitcoin bulls Michael Saylor and Anthony Pompliano are well-known for their Twitter avatars. Kempis also surrounded herself with a large number of people who have been connected with bitcoin throughout the years. Entrepreneurs, technologists, and people in her network have personal understanding of cryptocurrency and have pushed her to get engaged.

According to Kempis, financial inclusion is a fundamental right with a legal foundation:

 “What I have been doing is opening the discussion so that the people, the authorities, and the Mexican political class begin to see this as the legal basis for the coming future, because you (Salvadoreans) are showing that this is possible.”

Kempis intends to introduce a draft of the new law during one of Congress’ two sessions in 2022. Initially, her objective is to get a majority vote to recognize financial inclusion as a fundamental right. She claims that the process would be lengthy, and that once the voyage into bitcoin has begun, there will be no going back.

It will be fascinating to follow this sector, given that Mexican authorities have effectively banned bitcoin from usage in the present banking system. According to Fintech Law, Mexican banks are likewise prohibited from doing business with cryptocurrency startups.

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Patrick

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