Mexico Might Follow El Salvador’s Footsteps To Legalize Crypto As Legal Tender In The Future

March 2, 2022 1:37 pm

A Mexican senator for the State of Nuevo León, Indira Kempis, has recently announced that she has the goal to make Mexico the second country in the world to legalize Bitcoin as legal tender.

This announcement follows the recent news when El Salvador made history when it legalized Bitcoin as legal tender making it the first country in the world to do so.

Currently, the proposed bill needs to pass the Senate in order tot take effect which many see as an unlikely outcome given the amount of support that is needed.

Kempis states that it is necessary for Mexico to take action here to take advantage of the economic benefits which El Salvador has experienced as it evolves to become one of the most important hubs for crypto in the future.

Binance reports:

One of the ways that El Salvador has been reaping the benefits of crypto include the increased demand for BTC bonds which is on track to achieve $1 billion or more in commitments in just the past few months.

Many of the commitments come from foreign investors from the international community which would create a positive inflow of economic capital into the country.

The country has recently reported record double-digit GDP growth as well which was the highest that it has ever been in the history of El Salvador.

The senator of Mexico explains further regarding her proposed bill.

One of the ways that El Salvador has been reaping the benefits of crypto include the increased demand for BTC bonds which is on track to achieve $1 billion or more in commitments in just the past few months.
Many of the commitments come from foreign investors from the international community which would create a positive inflow of economic capital into the country.
The country has recently reported record double-digit GDP growth as well which was the highest that it has ever been in the history of El Salvador.
The senator of Mexico explains further regarding her proposed bill.

BitcoinMagazine reports:

Continuing in their conversation, Kempis shared her approach to legislation when Diario asked about Kempis’s desire to accept bitcoin as legal tender in Mexico. To be specific, they asked if El Salvador inspired this decision.

“Yes, because I have a premise when making my initiatives and that is: laws to anticipate the future, not just to solve the past,” the Mexican senator said.

She then explained the need for legislative action, and the price of inaction:

“If we need Bitcoin in Mexico to be a legal tender, because otherwise, if you do not make that decision as El Salvador made it, it is very difficult to specify actions.”

If they do not make the decision to offer bitcoin as legal tender, it becomes very difficult to create an actionable plan.

The key to building a new financial structure, a fully-developed bitcoin ecosystem, is to ensure the fundamental basis of bitcoin as legal tender so the ecosystem can be built upon it.

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