«It will be reformed by supplementing Article 2 of the United Mexican Monetary Act as follows: Article 2 Bitcoin (BTC) is considered legal tender in the Mexican Republic,» reads the document, which was presented to parliament on June 28. Mexico is another Latin American country that is looking at what Bitcoin could bring if introduced into its economy. This week, Senator Indira Kempis introduced a bill that would amend Mexico`s current monetary law to introduce Bitcoin as legal tender in the country. The bill, which seeks to emulate the action of El Salvador, the first country in the world to adopt Bitcoin as legal tender, mentions that it could help change the financial literacy of many citizens. Mexican congressional senator Indira Kempis has proposed a bill that would make Bitcoin legal in the country. The bill bases its actions on the difficulties faced by Mexican citizens in accessing financial products and education. However, Mexico`s Central Bank was opposed to introducing Bitcoin into the country`s financial system. «That`s probably the most important thing about this project (Plan ₿). El Salvador`s GDP increased by 10% and tourism by 30% after Bitcoin was declared legal tender. Imagine what we can do in a city in the centre of Europe. Lugano may be about to begin the process of legalizing Bitcoin. Yet it is certainly not the first to do so.
It`s not even the second. On the same day, 7. In April, Mexican Senator Indira Kempis announced that she had proposed a law to make Bitcoin legal in Mexico. Mexico would follow El Salvador, Roatán, Honduras, Madeira and Portugal if it applied the legislation. When asked what he thought, Salinas said it would be an uphill battle to get there because his country «unfortunately» has a mindset too tied to its control over fiat or what he calls «fiat fraud.» The senator also suggested that Salvadoran President Nayib Bukele could have started a bitcoin revolution that has the potential to reach every country. «Making Bitcoin legal means creating a level playing field for excluded people in almost every country,» she added. Finally, Senator Indira Kempis intervened to provide an update on the plans for the adoption of Bitcoin in Mexico. Kempis claimed last month that it wanted to make cryptocurrency in Mexico the second largest means of payment after El Salvador. Indira Kempis, senator from the state of Nuevo Leon in Mexico, wants to make her country the second in the world to adopt Bitcoin as legal tender, even if the odds are against her. While he didn`t mention bitcoin legalization, Albuquerque said bitcoiners don`t have to pay taxes when buying or selling the asset in their area. He also said he would continue to work to create a «fantastic environment for Bitcoin.» Indira Kempis, senator representing the state of Nuevo León, is convinced that Bitcoin should be legal tender in Mexico, as its adoption can potentially lead to global financial inclusion.
Mexican Federal Congress Senator Indira Kempis has proposed a bill that, if passed, would make Bitcoin legal in the country and be incorporated into Mexico`s monetary law. Kempis has been leaning towards Bitcoin for some time. Following Salvadoran President Nayib Bukele`s announcement that Bitcoin would be introduced as legal tender in her country, the MP joined a group of politicians who put laser eyes on their profile pictures to highlight pro-cryptocurrency views. As previously reported, other Mexican senators, including Eduardo Murat Hinojosa, were working on crypto-friendly legislation shortly after the Bitcoin law was passed by the Salvadoran legislature in early June 2021. In October, Mexican President Manuel©Lépez Obrador said the country was unlikely to follow in El Salvador`s footsteps by adopting Bitcoin as its legal tender. Mexican Senator Indira Kempis has proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico, claiming that the second largest market accepts BTC as legal tender. However, the Central Bank of Mexico has spoken out against the introduction of Bitcoin into the country`s financial system. «We need Bitcoin to be legal tender in Mexico, because otherwise, if we don`t make this decision like in El Salvador, it will be very difficult to implement other measures,» she said, adding that her style was to create laws that «anticipate the future» rather than just fixing the past. It`s only a matter of time before Bitcoin can become a legal tender worldwide. As regulators around the world work on cryptographic frameworks, there will be more clarity over time. Senator Indira Kempis has announced that she will soon propose a crypto law to make cryptocurrencies legal and raise awareness, education and inclusion. Making Bitcoin, Tether (USDT) legal would be a defining moment for cryptocurrencies in Europe.
One of the main reasons for the success of this initiative would also be the current situation in Ukraine. The introduction of Bitcoin as legal tender in El Salvador was a historic decision. The law opened the doors to a new currency and the future of digital finance. Thus, it might be easier for European countries to accept them and Lugano for its decision, compared to El Salvador, which had to prevail to make Bitcoin legal. Although the chances seemed slim at the time, what she revealed today makes the likelihood of such a change much more likely. On stage, she publicly invited the president to sit down with Mow and discuss the legalization of Bitcoin throughout Mexico. In October, Mexican President Andrés Manuel López Obrador made it clear at a press conference that his government was not interested in introducing Bitcoin as a means of payment, let alone legalizing it. Instead, it focuses on strengthening the country`s financial system by cracking down on tax evasion. El Salvador is the first country to accept Bitcoin as legal tender, and after that, Indira Kempis, a federal government senator in the Mexican Congress, proposed a bill to amend the country`s currency law that would make BTC legal tender. Making Bitcoin legal allows people to pay taxes and government services in Bitcoin and conduct daily transactions with businesses.
Since then, it has been working on a proposal for a crypto-friendly legal framework. Meanwhile, the programmer`s influence spread to places like Prospera – a private development town on the island of Roatán in Honduras. The city`s president – Joel Bomgar – revealed that Bitcoin acts as legal tender in Prospera. The global macroeconomic situation seems to be in disarray and Bitcoin (BTC) is taking center stage. Bitcoin was born from the premise that if trusted financial institutions like banks fail to deliver, it could serve as a potential hedge to protect investors` assets. «There is a need to implement measures [to adopt bitcoin] so that the use of technology can promote and ensure financial inclusion,» she said. Although Kempis presented two proposals to amend the law to the assembly in April last year, none mentioned Bitcoin or other decentralized digital assets. To facilitate crypto transactions, the city has also developed its own CHF stablecoin called LVGA, which will be worth 1/100 Swiss franc. After El Salvador, Mexico was the second country to discuss these plans, citing El Salvador`s success.
Ricardo Salinas Pliego, Mexican billionaire and founder of Grupo Salinas, advised the public last Friday on Twitter to buy BTC and «forget to sell». He advised people to buy BTC in late 2021, calling fiat currency like dollars and euros «fake money made from lies on paper.» Bitcoins older than 6 months now occupy 74% of the realized ceiling. It was at its lowest point in 2019 and 2015 at 70% and 77% respectively. Imagine buying bitcoins and doing nothing for six months. You know how difficult it is. The proposal paper focuses on the fact that more than 67 million people in Mexico still do not have access to a bank account, meaning that 56% of the country`s population still lacks this most basic financial system. The minimum wage in Venezuela has been multiplied by 18, linked to the crypto-currency Petro billionaire and Bitcoin defender Ricardo Salinas believes that Bitcoin`s growth is inevitable, but its future depends on the speed and cheapness of transactions. So far, central banks around the world have faced major challenges in dealing with inflation problems. On the other hand, major fiat currencies such as the EUR, British pound (GBP) and Japanese yen have seen a sharp decline this year. While the Fed was pumping massive money into the economy during the pandemic, the purchasing power of the U.S. dollar continues to decline. At present, more than 200 businesses and traders are already prepared for Bitcoin and lightning payments.
With the three cryptocurrencies offered, people can pay taxes. The provisions of the bill are based on barriers; Mexicans have access to financial products and education.