Mexican senator puts out a plan to legalize Bitcoin as legal tender

Indira Kempis, a senator in the Mexican federal government, has put out a plan that, if it is approved, would include Bitcoin as legal cash under Mexican law.

According to the document introduced to parliament June 28,

“It is reformed by addition to article 2 of the Monetary Law of the United Mexican States to read as follows: Article 2 Bitcoin (BTC) will be considered as a legal tender in the Mexican Republic.”

In April of last year, Kempis submitted two bills to the assembly, but none of them made reference to Bitcoin or any other decentralized digital assets.

Particularly, the article 2 of the legislation was the focus of the suggested amendment. For this reason, it defines that only the central bank can be the one who creates a digital currency. It was established to "include virtual assets as part of the digital species that may be circulating in the national territory."

The contents of the bill are based on the challenges that Mexican citizens experience when trying to acquire financial goods and education.

Kempis explains the bill's adoption of Bitcoin by pointing out that nearly half of Mexicans lack access to the nation's established financial system, which poses a serious challenge for Mexico.

She stated that steps for adopting Bitcoin are required in order to ensure and promote financial inclusion through the use of technology.

Kempis contends that the lack of formal savings accounts among 56% of Mexicans indicates a lack of trust and interest on the part of this group in banking institutions to provide them with access to a formal financial tool for saving.

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