Indira Kempis, a senator in Mexico’s federal government has introduced a proposal that if allowed, would establish Bitcoin as legal tender under Mexico’s monetary legislation.
When Kempis proposed two bills to the legislature in April of last year, neither one of them had anything to do with Bitcoin or other decentralised digital assets.
The proposed change focused on Article 2 of the Bill. A digital currency may only be issued by the central bank, so this law was made to “allow virtual assets as a result of the online ecosystem that may be moving in the national territory.”
A bill to ensure that all Mexicans have access to the financial system
The provisions of the law were developed in response to the difficulties Mexican citizens have in acquiring access to financial services and higher education.
Approximately half of the population in Mexico does not have access to the country’s regular banking system, according to Kempis’s reasoning for including Bitcoin in the measure. To “promote and assure financial inclusion it is vital to take out activities [adopt Bitcoin].”
Kempis claims that the fact that 56% of Mexicans do not have a savings account reflects a lack of trust and disinterest in banks, making it difficult for these people to get access to a regulated safe investment.