Home Crypto Will Mexico accept bitcoin as legal tender?

Will Mexico accept bitcoin as legal tender?

Will Mexico accept bitcoin as legal tender?

Mexico’s Federal Congress Senator Indria Kempis has introduced a new bill that could potentially introduce bitcoin as legal tender in the country.

It has been reformed by adding to Article 2 of the Monetary Law of the United Mexican States to read as follows: Article 2 Bitcoin (BTC) will be considered legal tender in the Mexican Republic,” the statement read. document submitted to parliament on 28 June .

Bitcoin as legal tender?

This bill aims to tackle an interesting problem in the country. Mexicans have a lot of trouble getting financial products and education.

Kempis indicated that 56% of the Mexican population does not have a regular savings account, which in turn means that this population group has no interest or confidence in their current banking system. While Kempis also made two bills earlier this year, neither of them dealt with bitcoin or other decentralized digital assets.

The bill now being proposed should reform Article 2. It would first”include virtual assets as part of the digital species that may be circulating in the national territory; for this purpose, it establishes that only the central bank can be the one to issue a digital currency” become. This means that initially only the central bank of Mexico issued digital assets, such as a stablecoin.

Bill will ensure financial inclusion

Kempis therefore says it is important to include bitcoin in the bill as more than half of Mexicans do not even have access to the country’s traditional financial system, which creates a lot of problems.

“It is necessary to take actions [het adopteren van bitcoin] so that the use of technology can promote and ensure financial inclusion,” said Kempis.

In addition to El Salvador and the Central African Republic, Mexico may thus become the third country to embrace bitcoin as legal tender.

No Comments

Leave A Reply

Please enter your comment!
Please enter your name here

Exit mobile version