Mexican senator proposes bill to make Bitcoin legal tender

[Die_empty]

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction. This is good news for Bitcoin because in the face of the bearish market, it is still acknowledged as a potent solution or option to financial challenges of nations. Although this bill would face a lot of hurdles to go through the legislative and executive processes, but if it is finally passed into law, it would be a big win for Bitcoin because Mexico would be a bigger catch.

[Don Pedro Dinero]

Does anyone familiar with the situation in Mexico know if this bill is likely to pass? I imagine not much, although I would like to. The article states:

The action taken by the government and the Central Bank of Mexico is in opposition to the legislation that Senator Kempis has suggested.

If it does, it could have a big positive impact for bitcoin, as Mexico has much more weight on the international scene than El Salvador, with El Salvador's GDP being $28.79 billion, while Mexico's is $1.29T (source: https://data.worldbank.org/)

[franky1]

mexico's stance is that trade is possible with bitcoin. much like buying baked beans or a teddy bear. . but institutional banks cant offer accounts denominated in beans or teddy bears or bitcoin. and banks cant offer 'markets' or services to buy/sell beans/teddy bears directly.

yes you can have a bank account that funds a private business that offers markets(deposits into an exchange) without being a criminal for making a deposit(bitcoin is not banned in mexico).. but a bank cant become an market order book(exchange) in of itself.

the government cant also accept taxes in beans or teddy bears(bitcoin).

by becoming legal tender it transforms beans/teddy bears(aka bitcoin). from being a privately traded resource/value/asset/product/good to being a government recognised currency under their jursdiction of regulatory and taxation rules..  that can be used by banks to set up their own accounts denominated in. it can be used to pay taxes in. and accepted as wages/salaries in bitcoin(and of course taxed).. and of course regulated more.

there is a bit of good and bad in this..
bitcoin was never banned in mexico. and IF it gets to be a "legal tender" makes it rubber stamped acknowledged certified as trusted to have official greenlight to be accepted and mass adopted quicker and used by banking institutions wanting to offer services around it.

however it also allows the mex' government to have more jurisdiction over it. such as taxing things. like every trade(cap gains), every swap of ownership(income/sale tax) where by they will probably want some controls on monitoring and measuring and such to make sure their citizens pay their taxes/not use it for illicit other things.
..
seeing some government reactions to legal tenders. of taxation and such.
id rather see bitcoin be treated more like a limited supply run of teddybears or a post apocalyptic hoarding of baked beans trade between people. rather than being a legal tender that has alot of regulations and taxation applied right from the start.

bitcoin is and always has been a currency. yep people trade teddy bears for years. they have value.
but teddy bears are not a legal tender. so are not hounded by the tax office for cap gains/income taxes at all movements of teddybear ownership.

but ofcourse by not being legal tender. is not the big advert neon sign to get adoption rolling in mexico in any fast push. where people with retirement plans cant use a bank portfolio of bitcoin.. and banks cant set up bitcoin portfolios to offer to officially recognised/regulated retirement plans

.. so its a question of do you want banks/governments grabbing onto coins to push adoption in mexico quick. or do you want them to leave their hands where they are and just let the citizens set up their own systems, slower and less on the radar of regulation

[bittraffic]

67M unbanked will finally have the chance.
The timing will be perfect because the price is low and its about time they have to do this after all they are using BTC and Salinas had been promoting BTC to his followers. Its time to track Cartels too. I'm guessing the government will also release own BTC wallet and KYC as well.  

Airdrop is coming to Mexicans, you think?

[franky1]

67M unbanked will finally have the chance.

67M will have a chance.. to have a BANK account
...
but. right now without the tender status those 67M can still own bitcoin right now. without a bank account. bitcoin is not banned. its just not allowed to let BANKS offer bitcoin denominated BANK accounts.

take el salvador
the 'chivo' has become the NEW "bank" by government ratifcation giving citizens a "bank account" denominated in USD and btc. (still not a pretty system yet)
but the other older banks. are not setting up their own "accounts" under the same bank branch access..

they also have things like needing to register to be a bitcoin service provider.. something you dont need to do if you just wanted to own/sell or enjoy baked beans/teddy bears/bitcoin in a non-tender but but banned country
https://registrobitcoin.bcr.gob.sv/web/inicio

[cryptoaddictchie]

Does anyone familiar with the situation in Mexico know if this bill is likely to pass? I imagine not much, although I would like to. The article states:

Im curious too whether this proposal will materialize. But obviously there will be opposition to this suggestion and likely turn it down.. But who knows if the majority agreed to his proposal.

If it does, it could have a big positive impact for bitcoin, as Mexico has much more weight on the international scene than El Salvador, with El Salvador's GDP being $28.79 billion, while Mexico's is $1.29T (source: https://data.worldbank.org/)

Yes it could be a big help or wide spread adoption instantly but remember that government is likely not to allow this.

In my opinion, even not now but later time bitcoin will be realize to be an effective form of currency which people can tend to appreciate. Anyway, like everyone says we are still early on crypocurrency evolution.

[amishmanish]

This is a good news, and this is the reason we believers of bitcoin are hodling our coins because the signs are very clear at the time when the markets bleeding big institutions are actually putting their money in bitcoin. There is increasing acceptance of bitcoin by governments and in countries. Remembers buy when everyone else sells and sell when everyone else want to buy. That's the rule of market.

[Lucius]

Does anyone familiar with the situation in Mexico know if this bill is likely to pass? I imagine not much, although I would like to.

One senator against the entire government and central bank of Mexico who clearly say no to such a proposal - I think the matter is completely clear. Mexico has always been an extremely corrupt country, and I guess it is still the same today - and considering that we know that Bitcoin is far more transparent than fiat, politics will always fight against what can expose them to all the bad things they do.

I think this is just an attempt for the senator to get a little more attention in the public, and in a bear market every good news is worth much more than otherwise.

[blockman]

I think this was the second time that I've seen a thread about this proposed bill. It is good news until it's made into reality.
While looking at this bill, it's encouraging that bitcoin is being recognized by these lawmakers, and hopefully, their going to have that majority vote and will pass it as a law.

[DaveF]

I *think* things this are going to get more and more support from more and more places.
And banks will support it. Central banks will probably not, but retail and commercial banks will. Mostly for the same reason that after YEARS of being anti-crypto PayPal is not supporting it. The word of the day is FEES. They will happily add some other product to their portfolio that allows them to make money. No different then ant other crypto <-> fiat service.

-Dave

[TheNineClub]

Mexico would definatelly be a big name when it comes to btc introduction to a countrys financial system. But that's only part of the issue. The other one is BTC actually being used when the bill is passed and through what kind of loopholes will it have to go through.

[ChrisPop]

Wow, didn't know that. 56% of the Mexican population does NOT have access to the banking system? That's crazy and it just shows how much more work needs to be done. We don't realise it, we take our financial system for granted but it is really something magical to be able to pay at the store with your phone and/or making online purchases with a couple of clicks, not even talking about the credit system which could empower entire communities.

However the advantage of people who are not 'banked' yet is that they won't have to adapt from one system to another. Instead they could go straight to doing payments in crypto and/or dealing with BTC directly.

I'm still shocked that more than half the population is unbanked. I heard that Mexico is split into two zones. A richer one (the North one if I remember good) and the south, poorer one.

[Leviathan.007]

As the OP mentioned many Mexican people cannot have access to a bank account and is a fact about Mexico since they accept this situation they will search for way as a solution for their current situation, here bitcoin ban is a good option for them and it depends on their government because they surly accept bitcoin and after that, they try to legalize it for their own benefits to get tax and start milking the bitcoiners in their country however due to the problems with accessing bank account and interest of the people to bitcoin I guess they are kinda under preasure to accept it.

[yazher]

If it does, it could have a big positive impact for bitcoin, as Mexico has much more weight on the international scene than El Salvador, with El Salvador's GDP being $28.79 billion, while Mexico's is $1.29T (source: https://data.worldbank.org/)

They are more likely to have some more chances to pass this bill if they see some good news about El Salvador's situation regarding their bitcoins. Because to push it further and to encourage other congress members to finalize and approve the bill, they need to prove it and give an actual example as their reason why they need this to have it. Hope that bitcoins will gonna survive their bearish market these upcoming months since it has already fallen down to under $20k and it might be the last downfall for its price this year.

[Franctoshi]

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction.

It begining to get so much interesting how more and more countries are trying to get their hands involved with Bitcoin.
This will means so much for the crypto land if that bill happens to scale through, The economy of Mexico is huge, So imagine how much money that will melt into Bitcoin through this if Bitcoin becomes legalized. Bitcoin has solution to many problem facing the world economy and the earlier countries begins to embrace BTC, the better for them.

[SFR10]

67M unbanked will finally have the chance.

Even if the bill passes, a big portion of the unbanked population will remain the same, since the internet penetration rate in Mexico stands at roughly 74% only and I have a strong feeling that most Mexicans with incomes below the poverty line, probably wouldn't use something as volatile as BTCitcoin either.

Airdrop is coming to Mexicans, you think?

I highly doubt they'll do something similar to what President Bukele did in the past.

[asimi.io]

I think this is just an strive for the senator to get a bit greater attention within the public, and in a endure market every desirable information is really worth much extra than otherwise.
I *think* things this are going to get increasingly more help from an increasing number of locations.
And banks will support it. Vital banks will probably not, however retail and business banks will. Frequently for the identical motive that when YEARS of being anti-crypto PayPal isn't helping it

[coinsrider]

I hope the bill gets passed and Mexico becomes among the country that uses BTC and other cryptos.

[oHnK]

Even if the bill passes, a big portion of the unbanked population will remain the same, since the internet penetration rate in Mexico stands at roughly 74% only and I have a strong feeling that most Mexicans with incomes below the poverty line, probably wouldn't use something as volatile as BTCitcoin either.

This idea may not have the immediate solution to all of the Mexican economic problem but it's a good option for now instead of just relying on the old banking system. Besides that if the bill passes, it will be headlines for alot of media out there and some other countries will also consider the same idea for their country

[gunhell16]

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction. This is good news for Bitcoin because in the face of the bearish market, it is still acknowledged as a potent solution or option to financial challenges of nations. Although this bill would face a lot of hurdles to go through the legislative and executive processes, but if it is finally passed into law, it would be a big win for Bitcoin because Mexico would be a bigger catch.

This is another big impact for Bitcoin, or good points as well.
I am pretty sure also that most of the Bitcoin enthusiast of this country would be happy once it has been implement properly. This is what I'm talking about in some other topic where in the near future most country will adopt the concept of Bitcoin all over the world.