Indira Kempis, a senator from the Republic of Mexico, has submitted a bill to the parliament that will be framed on the basis of Mexico's monetary law to make Bitcoin (BTC) the legal currency in the country.
In the bill submitted to the parliament on June 28, “Article 2 of the United States of Mexico Monetary Act was amended as follows: Article 2 Bitcoin (BTC) will be accepted as the legal currency in the Republic of Mexico.” contains the text.
In April last year, Kempis submitted two bills to the legislature to amend the law. There was no mention of Bitcoin (BTC) or any other decentralized digital asset in the proposed bills. In particular, the 2nd article of the draft law is the most striking point in the proposed revision. In this article, “The inclusion of virtual assets as part of digital types in currencies in circulation in the national territory; To that end, it determines that only the central bank can issue digital currencies.” passing the text.
The bill's provisions are based on the financial barriers that Mexican citizens face. Currently, Mexican citizens face many problems in accessing financial products and education. Kempis stated that the adoption of Bitcoin (BTC) in the bill is essential, arguing that about half of Mexicans do not have access to the country's traditional financial system and this creates a huge problem for the country:
“Actions that embrace Bitcoin are required so that the use of technology can encourage and guarantee financial inclusion.”
According to Kempis, 56 percent of the Mexican population does not have an official savings account. This means that this segment of the population does not trust or show interest in banking institutions to have access to an official financial instrument to save.