The adoption of bitcoin in Mexico

Bitcoin Mexico

The senator of the Mexican Congress, Indira Kempis Martínez, guaranteed that the formation of a framework with greater incorporation and less imbalance “will happen yes or yes.” In this specific situation, Latin American nations and different nations out of luck “will be the first” to embrace the use of digital currencies, as did the Central African Republic, which recently established bitcoin (BTC) as a law delicate.

When talking about the reception of bitcoin and the work that the State should accept in this cycle, Kempis does not prohibit Mexico, where “60% of the population does not approach monetary administrations.” This is the means by which the district can become “a pioneer in a better approach to capturing the world,” in light of the fact that “the fact that the people who beat us long ago doesn’t work anymore.”

There are a few bills in the nation “ranging from bitcoin as legitimately sensitive to royalty payments with digital forms of money.” The reason is to pay attention to the monetary formation, he details, and for this “conversation has been opened in the two Chambers” that make up the Mexican Congress.

The initial step for these impulses, which do not seek to direct, however, to make a legitimate system -explains Kempis, separating the terms well-, will be the conversations in the Senate. This cycle will begin in September and, according to the interviewee’s hypotheses, it could have a goal for December, although she clarifies that in any case there is no established time limit.

Indira Kempis is a representative who usually goes to bitcoiners and occasions related to the universe of digital forms of money, for example, the Blockchain Summit Latam 2022 in Panama City. There she spoke with this newspaper and guaranteed that the reception of bitcoin (BTC) will arrive “in spite of us (the legislators), without us or with us.” That’s why all I’ve said to my teammates is that it’s better than it’s with us”.

The call in the official organisms has been great, guarantees. “There are people who are very open to debate, but we have to expand the data and information.”

What does bitcoin have to contribute to Mexicans?

A few Latin American nations have high rates of receiving bitcoin as their residents use it as a defense of value even as public money is debased. This is not true in Mexico, where bitcoin offers different imaginable results to the occupants.

From one point of view, says Kempis, there is a population that uses crypto forms of money to stay away from delegates and extra expenses. On the other hand, she points out that there are new ages that prefer not to deliver their data to organizations or any administrative body.

Beyond these elements, it does not overlook that “Mexico is a country with numerous imbalances, like the rest of the Latin American nations.” Hence, settlements from abroad, mainly from the United States, are an important type of income. Exactly, it is the second most important in the nation, according to the legislator.

With bitcoin, people who send and receive settlements have the possibility of making exchanges without having to be banked. “In this regular market of market interest, there is also a population that asks that this, beyond being legal, be genuine.”

“You can find in Mexico food organizations, articles and administrations that are doing exchanges with digital currencies or that are tolerating quotas in bitcoin. This is going to exceed the limits of the State, and the political class has to understand that from now on it is happening without us. Here, it is not the most punished that is fixed, the one that adjusts is the one that is fixed”. -Indira Kempis, Mexican deputy for the province of Nuevo León.

The resistance to bitcoin in legislative matters and the work of banks

Regardless of all the beneficial things that can be pointed out about bitcoin and digital forms of money as a rule, in general, there will never be unanimity about its convenience. Obviously, this is also the situation in Mexico, despite Senator Kempis making a caveat.

“In a bunch of individuals who go against it, they really do it more out of forgetfulness. The main test is that we are in a similar degree of information. Without that, we are discussing legends,” she states.

In fact, he adds, that was one of the reasons for introducing the bitcoin ATM in the nation’s Senate: to pique the interest of individuals and persuade them to learn. “Forgetting is not something to be feared, you just have to deal with it with training,” he says.

Regarding the work of the banks in this new monetary and financial plan, the senator maintains that these elements and bitcoin can coincide, although they are doing so “at present”. “In fact, the financial framework has needed to start having its own transformation procedures, as it fully realizes that this is the next developing business sector,” he adds.

However, for a bank to adapt to this new reality, “it would have to come back to life”, according to Kempis. “The monetary framework has given them so many years without having the option to develop and without having the option to make one more approach to continue working that, obviously, this is going to promote a reconfiguration of what a bank implies”, he has nuanced. The legitimate sense of fintechs is equally significant, according to his perspective, to achieve a legal system that delimits the support of each animator in the environment.