Mexico is the next El Salvador?

[GreatArkansas]

We all know that El Salvador is already using Bitcoin as legal tender officially and there is already a lot of good feedback from it, there are already some people visiting or migrating to El Salvador because of Bitcoin being a legal tender, but on the other hand, there are still some people criticizing it and talking negative things about El Salvador's decision.

So now, Mexico seems started to take a look at this case too, using Bitcoin as a legal tender in their country.
Mexico got 128million population right now and El Salvador got around 7 million population according to Google.
It seems this will be a very big win for the Bitcoin community once will be implemented.

What are your thoughts about this?

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[avikz]

First please get some facts right! El-Salvador did not just make bitcoin legal tender but they made it the official currency. Mexico is not going to do the same! They are going to adopt bitcoin as a legal tender alongside their official currency system. So both cases are different.

That's a wise way to do it unlike El-Salvador! This way Mexico will be able to protect themselves from bitcoin's volatility while enjoying the innovation!

[$anounimus$]

Yes, it is possible. Bitcoin is virtual but has a monetary value which means users can freely send money to each other without dealing with exorbitant fees and without the need for a bank account. As technology advances, so does its capacity to meet our needs. This can be seen through the rise of bitcoin.

Bitcoin is slowly but surely penetrating the global economy, and in our modern world, it is a currency that generates less friction than fiat currencies. This is definitely worth a look for those who are interested in such things including Mexico and in my opinion using bitcoin is safer and just as easy in other words a new way for people to send money quickly and securely to each other around the world.

[TimeTeller]

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Mexico got 128million population right now and El Salvador got around 7 million population according to Google.
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The huge difference in population will make a difference when it comes to adoption.
If in case their politicians will push thru with this initiative, this will give a very good boost with the crypto market, not only with bitcoin.
But will the Mexican government ready to abandon their Mexican peso?
Otherwise, they can regulate the existence of bitcoin and other alts in their financial market, so the adoption will further increase.
Because some of their citizens will see it as positive if the government is having positive approach towards this market and they have laws in place.

[davis196]

So if one Mexican senator(who happens to be pro-Bitcoin) says that Bitcoin will become legal tender in Mexico this automatically means that Bitcoin will become legal tender in Mexico. It doesn't work that way.
What if a US congressman or senator says that Bitcoin will become legal tender in the USA? Would you believe this news? I wouldn't.
I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.

[dansus021]

First please get some facts right! El-Salvador did not just make bitcoin legal tender but they made it the official currency. Mexico is not going to do the same! They are going to adopt bitcoin as a legal tender alongside their official currency system. So both cases are different.

That's a wise way to do it unlike El-Salvador! This way Mexico will be able to protect themselves from bitcoin's volatility while enjoying the innovation!

I think is the same either haha. i mean i would agree with you the country should protect them against bitcoin volatility.

adopting bitcoin is good but first we must get the straight line of rule about cryptocurrency first

[Piesel]

Bitcoin has become the best alternative to faint currency, so most countries around the world are busy building an economic framework around the young growing cryptocurrency industry.

The Mexican senator that hinted at this development made it clear that Bitcoin adoption is not an opinion that knows what decentralization is and how unstoppable Bitcoin penetration is in their country's economy.

But I will advise the Mexican government to do more work on citizens' awareness and education about Bitcoin and how it works, this way the citizens will be well educated on Bitcoin which makes it easy for mainstream adoption and how to benefit from its Bitcoin volatilities.

[8rch7]

So if one Mexican senator(who happens to be pro-Bitcoin) says that Bitcoin will become legal tender in Mexico this automatically means that Bitcoin will become legal tender in Mexico. It doesn't work that way.
What if a US congressman or senator says that Bitcoin will become legal tender in the USA? Would you believe this news? I wouldn't.
I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.

In 2011 Mexico was the most visited country in the world with more than 22 million international arrivals, Mexico is also one of the largest economies in the world Mexico is ranked 14th and they are also the largest regional economy since 1994, with The economic power they have is very difficult for us to believe with this news, it is impossible for Mexico to follow El Salvador's steps to make bitcoin a legal tender, but to legalize bitcoin I believe, because they have officially installed bitcoin ATMs in the senate building as a symbol of freedom. financial.

[pooya87]

I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.

What people forget is that adopting bitcoin as legal tender doesn't mean people are going to embrace bitcoin or for their economy to improve right away. It's all about building the ground work and the infrastructure needed for an easier adoption over the long term. You can't expect a revolution overnight.

[blue_hurricanger]

I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.

What people forget is that adopting bitcoin as legal tender doesn't mean people are going to embrace bitcoin or for their economy to improve right away. It's all about building the ground work and the infrastructure needed for an easier adoption over the long term. You can't expect a revolution overnight.

Agree, dont get it why some people thought that you only using or adopting Bitcoin at a desperate time, economy being in a tight spot. I even see Mexico should've adopted Bitcoin sooner cause the number of remittances from Chicano living in the US was a lot. Especially some of them might not have all the proper paper to get their hard-earn money back to their family in Mexico through legal means.

Though, there are always two sides of the same coin. For once, Bitcoin solves the problem above but drug cartels, human trafficking gangs could also benefit from it. They could hide their money rail easier by using Bitcoin and you know how they said 'follow the money trail' to burst criminal activity. Still on the fence about this news.

[stompix]

So if one Mexican senator(who happens to be pro-Bitcoin) says that Bitcoin will become legal tender in Mexico this automatically means that Bitcoin will become legal tender in Mexico. It doesn't work that way.

Well, it could have worked that way if the said senator was the head of its party and that party would be the leading one, but in this case, it's just one senator from a party that has 7% of the seats, that has lost votes compared to the previous election and they are actually in some sort of opposition to the current government, so her opinion is like nothing, unfortunately.

What matters is what the ruling party is thinking, the former finance minister was definitely anti-bitcoin, he was actually the one thinking of a complete ban not just for financial institutions, but the new guy seems more understandable, maybe just maybe we will see some softening in the current anti-bitcoin stance.

[Lucius]

Obviously, opposition politicians are trying to win a few political points by promising something that they cannot realistically fulfill because they are not in power, and it is unlikely that they will change that in the near future. Recycling news like this every few months will unfortunately not change anything.

Mexican senator proposes bill to make Bitcoin legal tender (03 July 2022)

In addition, does Bitcoin need to be legal tender anywhere in the world to be a legal means of payment? Of course, that is not necessary, not even when it comes to Mexico...

A supermarket in Mexico now allows Bitcoin payments for all their items (23 December 2021)

First please get some facts right! El-Salvador did not just make bitcoin legal tender but they made it the official currency. Mexico is not going to do the same! They are going to adopt bitcoin as a legal tender alongside their official currency system. So both cases are different.
That's a wise way to do it unlike El-Salvador! This way Mexico will be able to protect themselves from bitcoin's volatility while enjoying the innovation!

El Salvador has had the USD as its national currency for more than 20 years, and it still has it today. Mexico can do the same thing as ES, they certainly won't ditch their Mexican peso and replace it with Bitcoin. Of course, all of this is in the head of an opposition member of parliament, and those in power don't really care too much about what the opposition thinks or proposes.

[Dave1]

First please get some facts right! El-Salvador did not just make bitcoin legal tender but they made it the official currency. Mexico is not going to do the same! They are going to adopt bitcoin as a legal tender alongside their official currency system. So both cases are different.

I guess the point of the OP is that there will be a second country that most likely be adopting bitcoin. So that is enough for us to see this as a welcoming news.

That's a wise way to do it unlike El-Salvador! This way Mexico will be able to protect themselves from bitcoin's volatility while enjoying the innovation!

El Salvador knows the risk but they decided to gamble with it and go and make it a legal tender. Only time can tell if they are going to be successful or not. We are just in the bear market that's why many proponents or at least anti-bitcoin in El Salvador doesn't see any positive with the government's move.

[hd49728]

We all know that El Salvador is already using Bitcoin as legal tender officially and there is already a lot of good feedback from it

The legal tender in El Salvador makes lot of hype and their government did good plan from law, legal tender announcement to build up Chivo wallet and airdrop distributions to citizens. The airdrop distribution is helpful to expose their citizens with Bitcoin but if to say all feedback are good, I don't agree.

Months after airdrop distribution plus the bear market, many people no longer want or more hesitate to accept Bitcoin for their business in El Salvador. They have solid reason, if you have a business and also are a long term investor, you can accept Bitcoin without fear that it will have -15% drop tomorrow. If you have a start up that is small and vulnerable enough, accepting Bitcoin is risky for your company.

[Bitstar_coin]

I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.

What people forget is that adopting bitcoin as legal tender doesn't mean people are going to embrace bitcoin or for their economy to improve right away. It's all about building the ground work and the infrastructure needed for an easier adoption over the long term. You can't expect a revolution overnight.

Absolutely, it is going to be a work in progress for btc adoption and usage, because as it is now, people are more interested in th speculative aspect than payment aspect. Although it is not unachievable, it will really take some time, the important thing is the adoption and acceptance legally, once this is achieved, rest will happen gradually.

[naira]

Based on the positive impact when El Salvador adopts Bitcoin visible to the surface, especially in Mexico which incidentally has a larger population, it is possible that we will be faster in its growth towards mass adoption. But the problem is whether the proposal can be realized and approved by the Mexican parliament which has more votes for its impartiality to Bitcoin. Indira Kempis is the opposition and now on her Twitter, she seems to be showing her alignment with Bitcoin. Or is this just a ride for his political interests? because this is usually to attract public sympathy, especially young people but in practice, the politician does not actually deliver 1% of what he promises. Despite his personal interests, he has been pro-Bitcoin for a long time, and maybe in the next election, he will still declare the same topic. It's just a matter of waiting for the public's response whether he is in a favorable position or if it is the coalition that has controlled the government.

[Fundamentals Of]

First please get some facts right! El-Salvador did not just make bitcoin legal tender but they made it the official currency. Mexico is not going to do the same! They are going to adopt bitcoin as a legal tender alongside their official currency system. So both cases are different.

That's a wise way to do it unlike El-Salvador! This way Mexico will be able to protect themselves from bitcoin's volatility while enjoying the innovation!

What is actually the difference between a legal tender and an official currency? I think they're the same. In El Salvador, it is not just Bitcoin that is the official currency. The US dollar remains as one of the country's official currency alongside Bitcoin. El Salvadoran businesses cannot abandon the US dollar as a payment option because it is also the country's official currency. They cannot refuse customers who prefer to use the US dollar in buying goods and services.

I think this proposal to declare Bitcoin as a legal tender in Mexico is still far from happening.

[BlockChainMentor]

More countries will come in next 5 years surely for seeing goodness of bitcoin because if a country made bitcoin legal tender , it gives power to people for transaction without any transaction fees and third party includance

[noorman0]

Kempis had proposed a bitcoin legalization bill a few months ago then unfortunately got a negative response especially for Mexico's central bank. Don't know if it has progressed so far so that it becomes a plan that will be realized in the near future.

However, the bill proposed by Senator Kempis clashes with the course of action that the government and the Central Bank of Mexico have followed. In January, the institution announced that it was working on the creation of a digital peso, its own central bank digital currency (CBDC), and that it was expected to be in circulation by 2024 as a way of aiding Mexicans in their financial inclusion problems.

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But will the Mexican government ready to abandon their Mexican peso?

Was that part of the plan? So far I haven't seen any news that Mexico is experiencing bad economic conditions which is a reason to write off their currency.

[NeuroticFish]

But will the Mexican government ready to abandon their Mexican peso?

Most probably no, like El Salvador also didn't ditch USD.
I have a feeling you don't know exactly what legal tender means hence you have more expectations from it than you should.

What are your thoughts about this?

I find it more interesting like El Salvador, more like Central African Republic, since Mexico has its own proper currency. I expect quite some opposition from Central Bank's side.
Plus, as said, Mexico is a big country with big population. If this is going to happen, it would be cool.