According to the document, the adoption of BTC will increase the availability of financial instruments and public awareness when dealing with them

Bill to legalize bitcoin introduced in Mexico

02.07.2022 - 10:30

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2 min

What’s new? Indira Kempis, senator of the Mexican Congress, has introduced a document that would amend the current legislation and make bitcoin legal tender in the country. Meanwhile, the Central Bank of Mexico opposes the introduction of the first cryptocurrency into the domestic financial system.

Kempis’ bill

More details about the document. The authors of the bill believe that the adoption of bitcoin will help to increase the availability of financial instruments and public awareness when dealing with them, as at the moment these figures in Mexico are among the lowest among the countries of the continent.

For example, 56% of the country’s population (around 67 million people) still do not have access to basic financial instruments, such as a bank account. The authors stressed that 68% cannot get a financial education, so they were probably unable to make informed decisions about savings, mortgages, and loans.

Kempis announced the need to legalize BTC in February. In developing the document, she was guided by legislation in El Salvador — in September 2021, the authorities recognized the first cryptocurrency as legal tender. After that, the flow of tourists to the country increased by 30% and the authorities began to actively buy BTC. El Salvador has a total of 2381 coins in its accounts. However, the IMF had repeatedly urged the state to abandon bitcoin, citing high rate volatility and potential risks to investors and financial stability.

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