MEXICAN SENATOR PLANS TO INTRODUCE BILL TO MAKE BITCOIN LEGAL TENDER

Anonylz

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Quote from: DapanasFruit on February 24, 2022, 07:23:28 AM

I am not sure how likely this bill can be passed in Mexico's legislature and eventual signing into law...but let's just hope there is enough support for it but considering the fact that am sure IMF is now alarmed about it let's see if politicians will never give up in the face of possible threats and pressure like what happened in El Salvador. Anyway, what is noticeable here is that there is really that possibility for Mexico to make Bitcoin a legal tender...maybe not this year but there is always now that possibility no matter how slim and the fact that this is another good advertising or media mileage for Bitcoin.

That's why it is the duty of the legislative bodies to find a better way of passing the bill, since you are not a lawmaker you may not fully understand how it will work buddy, but those whose duty it is will find a way once they have agreed on the terms.
IMF couldn't get El-Salvador to back down I don't see what role they will be playing here (especially if the Mexican government is not indebted to them), they should already get the message from the actions of El-Salvador.

molsewid

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Quote from: DooMAD on February 24, 2022, 09:06:33 AM

Yeah, El Salvador was a little different because it was the President himself pushing the change through. That may have made it more challenging to oppose for anyone who may have had reservations about the idea. Senators don't hold as much clout, so it may be harder to find support for the bill. Fingers crossed, though. I get the sense El Salvador's adoption has been a net-positive for Bitcoin, so hopefully the same would apply for Mexico.

At the same time in this kind of situation the Mexican constituents has that chance to know that there is something a bill which aims to introduce bitcoin and make it a legal tender. Though, in case of El Salvador have some speculations that the law has just passed without the constituents of El Salvador knows it so whatever the downsides of this law blames all to the president. Actually, I am not against between the two kind of way of implementing bitcoin a legal adoption, I do think it in a positive way that it will also affects the crypto market in a positive way too.

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The senator that is planning to make the proposal at some point during this year, Idira Kempis has been campaigning for bitcoin for some months now within the country, but any idea of making bitcoin legal tender there currently has serious opposition both from the president, Manuel López Obrador, and the banks which have reiterated their position on multiple occasions.

Kempis belongs to a political party called Movimiento Ciudadano, a party that holds 8 senators out of a total of 128 in the Camera – a pretty small political share really, which makes it a seemingly difficult task to succeed.

Nevertheless, if she does give it a go with a solid proposal (yet to be seen though), it will be interesting to see how it plays out, although I wouldn’t have high hopes of going too far beyond making some noise and getting other senators to ponder something that has likely never crossed their mind to date.

DooMAD

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Quote from: fiulpro on February 23, 2022, 01:07:08 PM

Now a bill is not a law, which does mean that they can introduce a bill but at the end of the day it does not matter if it becomes a law or not. That decision would be based on the members on the parliament and there can be a lot of disagreements as well.

Yeah, El Salvador was a little different because it was the President himself pushing the change through. That may have made it more challenging to oppose for anyone who may have had reservations about the idea. Senators don't hold as much clout, so it may be harder to find support for the bill. Fingers crossed, though. I get the sense El Salvador's adoption has been a net-positive for Bitcoin, so hopefully the same would apply for Mexico.

batang_bitcoin

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I guess that most countries are going there. It will be like a domino impact after this happens and becomes a law. But while it's still a proposal and bill, there will be lawmakers that might be against it. But if someone like the president of Mexico steps in and is eager to pass this bill.
Well, there will be a huge impact and it can happen. If not, there's no need to be pushy on it. They can just simply legalize cryptocurrencies and even bitcoin isn't a legal tender there, it's already a win for them.

worldtraveller321

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One thing to consider if all these countries and more consider Bitcoin as a legal tender. If Bitcoin becomes legal tender, then governments will have the obligation to themselves to put a tax on Bitcoin and even other cryptos just for holding the asset. Now it will be more on government control. More less like how the system with FIAT is.

More less now you are just going from one system to another system.

There will be positives and negatives to this aspect. But nothing but the truth on more taxation.

DapanasFruit

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I am not sure how likely this bill can be passed in Mexico's legislature and eventual signing into law...but let's just hope there is enough support for it but considering the fact that am sure IMF is now alarmed about it let's see if politicians will never give up in the face of possible threats and pressure like what happened in El Salvador. Anyway, what is noticeable here is that there is really that possibility for Mexico to make Bitcoin a legal tender...maybe not this year but there is always now that possibility no matter how slim and the fact that this is another good advertising or media mileage for Bitcoin.

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Quote from: LogitechMouse on February 24, 2022, 02:40:01 AM

Although this only a bill as of this moment, its good to see that a senator is pushing Bitcoin to be a legal tender. Well, we don't know if this bill will pass thru and will become a law though. I hope that this bill will be supported .

Most likely scenario is that not many senators will support it. If there were an overwhelming majority of senators in favor, the news would have been that, not simply that a senator plans to introduce the bill.

Although I imagine that Mexico could also benefit from the remittances sent from the United States.

LogitechMouse

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Well, I don't think that it is quite surprising that other countries will do what El Salvador did a few months ago because I believe that what they've did will create a domino effect within the other countries and its starting already.

Although this only a bill as of this moment, its good to see that a senator is pushing Bitcoin to be a legal tender. Well, we don't know if this bill will pass thru and will become a law though. I hope that this bill will be supported .

avikz

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When it comes to El-Salvador, it makes sense to notify bitcoin as a legal tender because the population is miniscule. I am not sure how the entire thing will pan out for a large country like Mexico with a population of roughly 130 million. If in reality, bitcoin becomes a legal tender in Mexico, I am not sure if the network can handle such volume. Because such legalization will lead to high demand which will definitely drive the price up, but when it comes to handling the transaction volume, bitcoin network isn't capable enough to handle the pressure from such a huge population.

However, it is a net positive if Mexico plans to adopt a sidechain like LN and process transaction through them. If this transaction volume comes to main bitcoin network, we all will be doomed with high fees.

Wiwo

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In as much as this is an exciting development the bill will need to get the attention and support of other Senators to scale through the legislative process to becoming law and this bill will also be subject to the recommendation of the Mexico central financial institution which is the central bank governor. Bitcoin have gained the recognition of many other countries since its public adoption by El Salvador 🇸🇻. Let remain optimistic that the bill will gain the favor of the Mexico 🇲🇽 authority for speedy passage and implementation.

fiulpro

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-El Salvador made bitcoins legal tender
-Russians have made plans to introduce bitcoins in the economy
-Mexico takes a step forth and introduces the bill

Now a bill is not a law, which does mean that they can introduce a bill but at the end of the day it does not matter if it becomes a law or not. That decision would be based on the members on the parliament and there can be a lot of disagreements as well.

-Speaking of the positive side we can soon see bitcoins to be more stronger and more valued from many sides of the globe and at the same time, the price might get a bit of a jump as well

- a pretty positive news let's see if the bill gets passed or not.

PX-Z

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I'm keen to see how other countries will become and react after another country will make bitcoin as a legal tender. Knowing that these people change perspectives when they got expose to such place and full knowledge, albeit, about bitcoin and blockchain.

krishnaverma

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EI Salvador has been inspirational. Many countries will follow them and it will lead to faster adoption of crypto. When a country makes laws in favor of crypto, it encourages the people of that country to get involved with crypto. These are actually the masses who had been following traditional paths for storing money. This is the only way to include them in crypto adoption.

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Quote

Indira Kempis recently featured in an interview with Diario El Salvador discussing her intention to propose a bill that would make bitcoin legal tender in Mexico.
Kempis discussed the inspiration she received in visiting El Salvador and seeing their rising financial inclusion.
Kempis discusses the price of inaction and the need for Mexico to take action as a basic right for its citizens.
Indira Kempis, Mexican Senator from the state of Nuevo León, recently had an interview with the Diario El Salvador discussing the impact Bitcoin has had in El Salvador, and the inevitable benefits Bitcoin has to offer the people of Mexico.

During the interview, Diario asked Kempis how her recent visit to El Salvador affected her perspective on Bitcoin’s capacity to revolutionize a nation within the context of a Bitcoin ecosystem.

“El Salvador is undoubtedly becoming the most important hub or laboratory in the world about the future with bitcoin.” Kempis stated. “It is clear to me that financial exclusion is one of the public problems that few of us have addressed with feasible alternatives, and that this type of technology is allowing us to generate an alternative, a way, a solution so that millions of people can be included in the financial system.”

Continuing in their conversation, Kempis shared her approach to legislation when Diario asked about Kempis’s desire to accept bitcoin as legal tender in Mexico. To be specific, they asked if El Salvador inspired this decision.

“Yes, because I have a premise when making my initiatives and that is: laws to anticipate the future, not just to solve the past,” the Mexican senator said.

She then explained the need for legislative action, and the price of inaction:

“If we need Bitcoin in Mexico to be a legal tender, because otherwise, if you do not make that decision as El Salvador made it, it is very difficult to specify actions.”

If they do not make the decision to offer bitcoin as legal tender, it becomes very difficult to create an actionable plan. The key to building a new financial structure, a fully-developed bitcoin ecosystem, is to ensure the fundamental basis of bitcoin as legal tender so the ecosystem can be built upon it.

Kempis intends to introduce the bill during the current session.

https://bitcoinmagazine.com/markets/mexican-senator-plans-to-introduce-bill-to-make-bitcoin-legal-tender

According to the title above and the source of the article I quoted, the conclusion is that Mexico is most likely planning something very big by drafting a Bitcoin legal tender bill. Considering that Indira Kempis' visit to El Salvador has opened up an idea and an idea she needs to finish soon because she has reviewed how the financial economy in El Salvador increased during the adoption of Bitcoin. Undoubtedly, this is a big reflection that El Salvador has become a model country that has inspired many countries. In this case Mexico has shown that interest.

I hope that the bill planned by Indira Kempis can be properly translated and accepted by the people there.

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