A Mexican lawmaker wants the country to adopt Bitcoin as a legal tender

Bitcoin adoption arsenic a ineligible tender could spiral to a caller precocious arsenic respective governments astir the satellite are already looking astatine the practicality of adopting the flagship integer asset wrong their jurisdiction.

Mexican Senator is preparing Bitcoin bill

According to disposable information, a Mexican Senator, Indira Kempis, is moving connected a measure that volition spot Mexico judge Bitcoin arsenic a ineligible tender. The measure volition beryllium fashioned aft El Salvador’s Bitcoin instrumentality and is expected to beryllium submitted to the Mexican Congress aboriginal this year. 

Senator Kempis believes that the adoption of the plus would beryllium a imaginable operator of planetary fiscal inclusion for the country. 

Senator @IndiraKempis volition present authorities to marque Bitcoin ineligible tender successful Mexico 🇲🇽

The congresswoman precocious visited El Salvador 🇸🇻, wherever she was inspired by the societal benefits of embracing #Bitcoin: accrued fiscal inclusion, economical accidental & innovation⚡️

— Sophia Zaller 🌋 (@sophiamzaller) February 23, 2022

In her words, “It is wide to maine that fiscal exclusion is 1 of the nationalist problems that fewer of america person addressed with feasible alternatives, and that this benignant of exertion is allowing america to make an alternate truthful that millions of radical tin beryllium included successful the fiscal system.”

Kempis is not the archetypal authorities authoritative successful the state to propulsion for crypto adoption; others similar Eduardo Murat Hinojosa started moving connected crypto-friendly authorities past twelvemonth erstwhile El Salvador announced its adoption of BTC.

However, it is unclear if this measure volition spot capable enactment erstwhile it reaches Congress. This is considering the declaration of the country’s president successful October past twelvemonth that Mexico volition not travel the footsteps of the Central American country.

El Salvador became the archetypal state to follow Bitcoin arsenic a ineligible tender past year, and its adoption has helped boost the country’s tourism assemblage by 30%. 

International assemblage remains against Bitcoin adoption

While pro-crypto lawmakers astir the satellite are looking to marque Bitcoin a ineligible tender wrong their jurisdiction; planetary fiscal organizations similar the International Monetary Fund (IMF) person released papers and urged El Salvador to ditch the ineligible presumption of the flagship asset.

According to its astir caller warning, crypto-assets similar Bitcoin transportation a “large risk,” and its usage could impact the “financial stability, fiscal integrity, and user protection” of citizens successful the country.

Lawmakers successful the United States person besides been forced to enactment arsenic they precocious acceptable up an probe to look astatine the effect of El Salvador’s adoption connected the system of the US.

If respective countries were to follow Bitcoin arsenic a ineligible tender, this could impact the US Dollar presumption arsenic the reserve currency of the satellite aboriginal successful the future.