Mexican Senator Proposes Crypto Law: 'We Need Bitcoin as Legal Tender'

In the case of El Salvador reporting the positive impact of Bitcoin (BTC) adoption in the country, a government official in Mexico has again urged that Mexico should follow El Salvador's lead with Bitcoin.

Senator Indira Kempis, who represents the state of Nuevo Leon, believes bitcoin should become legal tender in Mexico, as its adoption could drive global financial inclusion.

The senator is now working on a cryptocurrency bill based on El Salvador’s Bitcoin Law. She hopes to introduce the bill to the Mexican Congress this year, Kempis said in an interview with an English-language Salvadoran publication after visiting El Salvador a few weeks ago.

"It's clear to me that financial exclusion is one of those public problems that few of us address with viable alternatives, and this technology allows us to generate alternatives so that millions of people can be included in the financial system," Kempis said. explain.

The senator went on to say that Bitcoin adoption is a historic opportunity for countries around the world to address issues such as inequality and achieve financial inclusion, saying:

“We need bitcoin to be legal tender in Mexico because if it isn’t, if we don’t make the decision like El Salvador, it will be very difficult to act.”

The senator also suggested that President Nayib Bukele of El Salvador may have started a bitcoin revolution that has the potential to affect all countries. "Making bitcoin a legal tender means leveling the playing field for the excluded in almost every country," she added.

Since taking office in 2018, Kempis has actively promoted the development of the encryption industry in recent years and joined the Retineye movement in July 2018. The senator said she has been involved in the cryptocurrency industry for many years, surrounded by a group of crypto entrepreneurs, developers and enthusiasts. "Now that I'm involved in politics, I seek to push it," she added.

As previously reported, shortly after El Salvador’s Legislative Assembly passed the Bitcoin Law in early June 2021, other Mexican senators including Eduardo Murat Hinojosa are working on crypto-friendly legislation. In October, Mexican President Andres Manuel Lopez Obrador declared that Mexico was unlikely to follow El Salvador's lead in adopting bitcoin as legal tender.

The latest news comes amid recent momentum in Mexico’s cryptocurrency industry, with major global cryptocurrency exchange Coinbase last week launching instant cryptocurrency withdrawals in Mexican pesos.

Mexican billionaire businessman and Grupo Salinas founder Ricardo Salinas Pliego advised the public to buy BTC and “don’t sell” on Twitter on Friday. He previously advised people to buy BTC in late 2021, calling fiat currencies such as the U.S. dollar and the euro "fake money on paper."