Will Mexico be the next nation to officially recognize bitcoin (BTC) as a currency? Senator Indira Kempis Martinez wants that, in any scenario. The latter has proposed designating the first cryptocurrency as the nation’s second official currency. She prioritizes financial inclusion over all else.
Will Mexico accept bitcoin soon?
Sen. Indira Martinez has proposed a bill to Mexico’s federal legislature, the Congress of the Union. This proposal aims to legalize the usage of bitcoin in other financial activities, as well as the purchase of products and services.
Martinez really asks lawmakers to add a new provision to existing national law.
- “Bitcoin (BTC) must be regarded as legal money in the Republic of Mexico,” is added to Section 2 of the Monetary Law of the United Mexican States. The measure declares.
The wording states that if passed, the proposed law would go into force one day after it was published. Additionally, within the confines of their respective authorities, the Federal Executive and the Central Bank of Mexico will be requested to synchronize the current regulations with the new legislation within 90 working days.
The importance of financial inclusion for development
This request is motivated by the multiple obstacles to financial inclusion that have been seen in Mexico. The senator criticizes, among other things, the exclusion of the financial system from the majority of Mexicans.
Martinez uses the standard justifications to support the necessity for a complementary currency that promotes fairness and openness. Access to financial services can be challenging, and there are sometimes high charges and lengthy transaction times. The legislator is persuaded that innovation has the power to overcome this prejudice towards socially disadvantaged groups.
Martinez also discusses the lack of financial awareness in the nation. She thinks it’s crucial to give young people a thorough financial education so they can better their living circumstances and support the local economy.
But up until now, the Mexican government has shown more than a little reluctance toward cryptocurrency. Mexico’s finance minister, Arturo Herrera, outlawed the usage of cryptocurrency last month. Additionally, the nation’s central bank appears more open to the introduction of a central bank digital currency (CBDC) and intends to launch its own by 2024.
The example established by El Salvador is one that other nations with substantial financial discrimination should follow. It is hoped that Senator Martinez’s voice will still be heard by the public even if she is unable to accomplish her immediate goal.
 as a currency? Senator Indira Kempis Martinez wants that, in any scenario. The latter has proposed designating the first cryptocurrency as the nation's second official currency. She prioritizes financial inclusion over all else...){kind=link}