Mexican senator proposes bill to make Bitcoin legal tender

[Lucius]

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

By what miracle do you think that bill would pass? It is a proposal of one person against which the government and the central bank have already publicly expressed their negative opinion - so this is not El Salvador where one man with the majority support of his party in the parliament can pass any law that comes to his mind.

In addition, the example of El Salvador has shown that the unbanked continue to remain unbanked, regardless of which option the state enables them to use. People who live in rural areas, are engaged in agriculture from morning to night and mostly do not have internet, are not interested in Bitcoin.

As of the early 21st century, the rural workforce is still significant but it is shrinking. Traditional farming methods with small plots worked by families and small communities still dominate in many regions especially those with large indigenous populations such as the Southern Plateau. In these areas the main crops are corn, beans and squash as in the Mesoamerican period. Many farmers still survive on subsistence agriculture earning cash by selling excess crops in local markets, especially in central and southern Mexico.

[Ucy]

What will be more convincing at this moment is the use of Bitcoin as a Medium of Exchange for International settlement, as Foreign Exchange, Remittances, etc. They need to be convinced that it's one of the best alternatives to the dollar for exchanging value across the world. You can start considering the so called unbanked when extreme price volatility has been managed. The goal is to manage that in two years time.

[coupable]

First, this is not the first time that a public figure in Mexico has announced a similar proposal and I recently heard about a similar proposal by a senator at a Bitcoin conference following El Salvador's announcement of its adoption of Bitcoin.
Second, these decisions seem to be for the sake of mass populism because one senator has no authority against the rest of the authority.

[GeorgeJohn]

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.

if the information is reliable, it's absolutely tangible from my understandable concerning the good news of cryptocurrency adoption and legalize. Many people because of the information will give room to Bitcoin resurrection, that is only part i observe. And it can only happens if the information circulate well. That is while some of the investors who hold some coins when we are experiencing both bullish and bearish market is a supportive to cryptocurrency network indirectly, because without they storing cryptocurrency in their wallet as asset or investment cryptocurrency won't have resurrected.

[AmoreJaz]

First, this is not the first time that a public figure in Mexico has announced a similar proposal and I recently heard about a similar proposal by a senator at a Bitcoin conference following El Salvador's announcement of its adoption of Bitcoin.
Second, these decisions seem to be for the sake of mass populism because one senator has no authority against the rest of the authority.

well, at least some politicians are aware about the potential of bitcoin in their financial system. they may want to try the inclusion of bitcoin in their system and see what may be the possible impact to its people and their economy. with the interest of some of these politicians, some of their people may also start checking the crypto market.

[2stout]

This ought to be interest as if this were to happen, you have to wonder about a potential Central and South America domino effect.  However, if this guy is like a handful or less of politicians in Mexico on board, you have to wonder if his life could potentially be in danger unless he can convince others.

[Clochaard]

This is great news. I hope all goes well! But it is clashing with the course of action of the government and Central bank of Mexico as the country also decided to launch their digital currency peso. In June the use of crypto inside Mexico was prohibited.

[CryptoHeadlineNews]

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.

Thou Mexico is one of Latin America's biggest country, but despite the fact, are they sure they are ready and willing to accept the effects adopting Bitcoin as a legal tender may cause? Because it's very easy to accept Bitcoin, and it is very joyful to see it pump in price, but how about bearish period when the value falls in price, can it's common citizens withstand the lost at that moment? Because that's a question I think they really need to review once again, to see if the common masses are fully ready for it. Because Bitcoin is a currency for the set of people with an investor mindset

[lionheart78]

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.  

Indeed Bitcoin will amass a huge population of users if the bill passes through and got approved.  It is very timely because of the current price of Bitcoin but sadly I think it will take years for the bill to be approved by that time Bitcoin will be on the rise again.  It would be great (assuming it gets approved) to rush the implementation of the bill.

Airdrop is coming to Mexicans, you think?

Highly impossible but it would be great if that happens.

[Fortify]

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.

I'm not sure how prominent this politician is because sometimes people who are quite obscure put these proposals forward with no hope of them passing and just wanting to attach their name to a tech-type media story. El Salvador really needs to prove itself a bit more because at present prices it seems that their president threw away a whole bunch of public money in an already fairly poor country. Making it legal tender doesn't magically solve other economic problems, so even while it is good for the Bitcoin community it might be a slightly empty gesture for the average Mexican who is unlikely to benefit from it that much. Making general laws around crypto a bit clearer is probably a better place for  them to start.

[romero121]

First, this is not the first time that a public figure in Mexico has announced a similar proposal and I recently heard about a similar proposal by a senator at a Bitcoin conference following El Salvador's announcement of its adoption of Bitcoin.
Second, these decisions seem to be for the sake of mass populism because one senator has no authority against the rest of the authority.

Agreed, through this particular senator will be discussed and gains the good name from the cryptocurrency supporters. 56% of the population not having bank accounts isn't expected, but all of the sudden this can't be made to be the users of cryptocurrencies. People are having different thoughts about cryptocurrencies, when one isn't used to fiat system then how will they make use of bitcoin in a better way.

[CryptSafe]

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 quite interesting. We have long been anticipating the gradual adoption of Bitcoin globally. This is just one of the major and bold step taking its course gradually. I strongly believe most law makers in various nations are pro Bitcoin enthusiast but are not bold enough to take the step in passing Crypto bill in legalizing crypto currency as a legal tender but with time things would unfold and we would start seeing the reality of speedy adoption of Bitcoin in various nations and spearheaded by their own lawmakers then we would be rest assured that Bitcoin has has taken it's legitimate Stand in the world economy as was predicted.

[carlfebz2]

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.

Would still be needing to have lots of debates and discussion before this bill would able to pass.Do you really think that government of Mexico wont really be seeing the con's of such proposal?They might be having that 56% of population doesnt have access on that banking but doesnt mean that they arent that contented on making use of their own fiat money?
Its not really bad to have that proposed bill but making it as a legal tender then this is where things would look like a mess.

Well, we cant make out conclusions yet but it is less likely for everyone to really end up on having the same views and perception on accepting Bitcoin.
Not on really that too negative but turns out that this had been a common reaction.

[Queentoshi]

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico.

It is good to have crypto friendly individuals in government, especially occupying meaningful positions. They can influence opinions of people up there into making crypto favorable policies. It will be good to have more politicians like her in different regions of the world trying to promote bitcoin in their own capacity.

[dansus021]

the other hand Black Swan author mocking up the ElSavador https://bitcointalk.org/index.php?topic=5405021.0 in here there is proposes.

i mean this is one of the proof that bitcoin is really can be future of money.  and i think before it happen the gov still need learn a lot from El Savador and begin to tax cryptoexchange on Mexico first

Sloowww butt sure

[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.

Interestingly, there is a Legislator in Mexico who is pushing for the legalization of bitcoin in their country. In fact, it seems enviable, that I hope there is also a legislator here in the country I belong to who will push for it so that the communities can better know and discover the good that Bitcoin can bring good to the people of our time. Because it will also help merchants and if ever they happen that they will adopt it in their businesses this will cause to increase Bitcoin users and will also help even in lifting the economy in our country.

[coupable]

Agreed, through this particular senator will be discussed and gains the good name from the cryptocurrency supporters. 56% of the population not having bank accounts isn't expected, but all of the sudden this can't be made to be the users of cryptocurrencies. People are having different thoughts about cryptocurrencies, when one isn't used to fiat system then how will they make use of bitcoin in a better way.

As I explained in a previous comment, this may seem rather interesting and influential, but one senator has no real weight for him and for everything he presents in front of the rest of his council members who in turn represent a large sample of the people. It is certain that it may be the first time he hears about Cryptocurrencies. In contrast, the senator did not present a plan on how he would present his plans to the people who are supposed to adopt his progressive ideas and are the actual users of them. The example of El Salvador provides us with a realistic picture of what can happen when a third world country adopts highly advanced technology that exceeds its capabilities at all levels.

[kryptqnick]

If many people are unbanked in Mexico, it probably means they have limited financial literacy, understanding of financial security, and things like that. So if Bitcoin is just legalized, I don't think they'd care to try using it, and those who will are likely to make costly mistakes. I support legalization, but it doesn't necessarily lead to high adoption rates because work should be done to familiarize people with Bitcoin, how it works, what to watch out for, how to not lose access to one's wallet (and not to get your money stolen) etc. One senator is insignificant to make a big policy change like this, so I guess we'll see how much support she gets.

[teosanru]

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.

I am not against making bitcoin a legal tender but I have a very basic question if the government is not able to bring financial inclusivity using bank accounts how are they expecting to bring it through bitcoin? Eventually you'll have to buy bitcoin from your bank account only so who are not in the system will still face the challenge of opening up a bank account. And let's think what you are saying is correct, despite that is bitcoin really a cheap way to do transactions? Banks atleast on intra country level offer free services how are you expecting people to prefer bitcoin for it's affordability.

[Oneandpure]

As I explained in a previous comment, this may seem rather interesting and influential, but one senator has no real weight for him and for everything he presents in front of the rest of his council members who in turn represent a large sample of the people. It is certain that it may be the first time he hears about Cryptocurrencies. In contrast, the senator did not present a plan on how he would present his plans to the people who are supposed to adopt his progressive ideas and are the actual users of them. The example of El Salvador provides us with a realistic picture of what can happen when a third world country adopts highly advanced technology that exceeds its capabilities at all levels.

Final decision on some country need help above 50% vote and I think one senator from Mexico looks not enough with his ideas how to make bitcoin as legal digital currency, bad not really bad did by Mexican senator how trying give revolution with bitcoin in his country, learned from El Savador president success made bitcoin as legal currency transaction, actually Mexico most interested country and have bigger impact if try to make bitcoin as legal currency, hope what did by one Mexican senator allowed by the other and will support with bitcoin as better currency at the future in their country.