Senator Indira Kempis presented a bill that would revise the current financial law of Mexico to present bitcoin as legal tender in the country. The bill, which tries to copy the action of El Salvador, the first country to embrace bitcoin as legal tender.
The document emphasises on the fact that Mexico has less financial inclusion and education in the continent. As indicated by the proposal, 56% of the Mexican residents actually needs access to a bank account, implying that in excess of 67 million individuals actually have no access to the most fundamental things.
68% of citizens don’t have financial education, which apparently implies most Mexicans are unfit to take decisions regarding savings, mortgages, and credit management.
The bill proposed by Senator Kempis conflicts what the government and the Central Bank of Mexico thinks about crypto.
In January, the organization reported that it was dealing with the issuance of digital peso, its own central bank digital currency (CBDC), and that it could to be in circulation by 2024. It is expected to help Mexicans with their financial exclusion problems.
Arturo Herrera, the finance minister of Mexico, expressed in June that the use of digital currencies was restricted inside the Mexican financial system. He said that the proposal will not be overturned any time soon. Mexico is another country that is wondering what bitcoin could bring when included with its economy.