Senator Indira Kampis of the Mexican Senate has proposed a bill to the assembly to join El Salvador in making Bitcoin an accepted economic tender in the country. The motive behind her proposed bill is that Bitcoin will close the divide between Mexican citizens’ access to financial products and extensive education.
Senator Kempis had earlier presented two bills to the assembly proposing law change on April 2021 but none of them were remotely related to Bitcoin or any other digital asset/currency. Her bill goes directly against the preferred financial scope of the Central Bank of Mexico which has been outrightly against the introduction of Bitcoin or other digital assets into Mexico’s financial system.
El Salvador was the first country in the world to openly accept and license Bitcoin as a part of its financial system. Senator Kempis’ bill is actively geared at towing this financial path in Mexico to reduce financial illiteracy in one of South America’s biggest countries.
According to the financial data in her proposal, up to 56% of Mexicans don’t have access to bank accounts. This roughly translates to 67 million people living life and making daily transactions without one of, if not the most important financial instrument in recent years.
Approximately 68 percent of Mexicans do not have access to financial education of any kind. That is to say that, roughly the same amount of millions of Mexicans who don’t have accounts also don’t have access to financial information.
Senator Kempis’ bill is however unlikely to pass in sitting because the current Mexican government administration is not in support of a full-tilt towards cryptocurrency as a part of the country’s economic ecosystem.
In October, Mexico’s President Andrés Manuel Obrador made it clear that his administration is not considering the adoption of Bitcoin as legal tender. His approach to strengthening the country’s financial system was curbing tax evasion.
The news has not had many reactions in the country mostly because more than half of the citizens do not have access to or understand the implications of such financial decisions or even financial literacy as a whole.
Featured image source: CryptoRus
