Mexican Senator Introduces Bill to Make Bitcoin a Legal Tender

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Mexican Senator, Indira Kempis, proposed a bill in the assemble to make Bitcoin legal tender in the country. The reason given by the senator is that it will bridge the gap between access to financial products and education for the Mexican citizens. 

Although Kempis had presented two proposals for law change in assembly in April 2021, but none of them mentioned Bitcoin or any other decentralized digital assets. The Central Bank of Mexico has been against the introduction of Bitcoin in the financial system of the country. 

El Salvador was the country to make Bitcoin a part of their financial system, the same is being done in Mexico. The proposed bill seeks to make Bitcoin as legal tender, so that it can help change the financial literacy of many citizens. 

According to the proposal, approximately 56 percent of Mexican population do not have access to bank accounts. This means that more than 67 million people still have no access to one of the basic financial instruments. Approximately 68 percent of the citizens have no financial education.

However, the proposed bill clashes with the set course of the government and Central Bank of Mexico. The Central bank in January had announces that they are working on creation of a digital peso, its own Central bank digital currency (CBDC), and it was expected to start circulation from 2024 to aid Mexicans and their financial inclusion issues.