Mexican senator proposes bill to make Bitcoin legal tender

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system.

I appreciate the fact a lot that he wants to make bitcoin a legal tender in Mexico, but it seems to me that it will not be able to solve the problem that many people have no bank account. If you don't have a bank account it will be very hard to actually acquire the BTC in the first place and also with all the KYC how should you deal with that if you don't have any documents.

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I think it is good for the bitcoin community because it solves various problems related to payments. Bitcoin is the future of the finance industry.

GFDhd

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This is really a good mention. Prove that more and more people in the world recognize BTC.
But I think it will be difficult to achieve in Mexico, because their Finance Minister Arturo Herrera said in June that cryptocurrencies are banned in the Mexican financial system, and said that the ban is unlikely to change in the short term.

Nrcewker

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This is another pure attempt to impose tax on the Bitcoins.
But I guess the government won’t accept this bill, as they cannot control Bitcoins due to it’s decentralised nature.
So the bill will just trend for 2 to 3 days , then everything will be back to the normal.
Frankly speaking we don’t want Bitcoins to be legalised, and thank to the anonymous feature of Bitcoins for which no one can never find out how many Bitcoins I own.
What’s the thought of other people on this matter?

Fernando Gomez

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This could be a great move for the people of Mexico as 56% of people there lack accessibility to the banks. And can be a great opportunity for increase in bitcoin adoption.

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Quote from: bittraffic on July 03, 2022, 12:48:51 AM

67M unbanked will finally have the chance.
The timing will be perfect because the price is low and its about time they have to do this after all they are using BTC and Salinas had been promoting BTC to his followers. Its time to track Cartels too. I'm guessing the government will also release own BTC wallet and KYC as well.

Airdrop is coming to Mexicans, you think?

It would be easier if the Mexican Senate would approve the bill, but in my research the chances of getting approved is very slim. Kempis is a clear believer of El Salvador's country's leader Nayib Bukele, so she based her proposal based on what El Salvador is aiming for. However, if given chances and approved, yes this could be the best time to enter the market and invest. They could maximize earning bitcoins right now if ever the government will start to take its side.

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Quote from: coupable on July 14, 2022, 12:22:47 PM

As I explained in a previous comment, this may seem rather interesting and influential, but one senator has no real weight for him and for everything he presents in front of the rest of his council members who in turn represent a large sample of the people. It is certain that it may be the first time he hears about Cryptocurrencies. In contrast, the senator did not present a plan on how he would present his plans to the people who are supposed to adopt his progressive ideas and are the actual users of them. The example of El Salvador provides us with a realistic picture of what can happen when a third world country adopts highly advanced technology that exceeds its capabilities at all levels.

Final decision on some country need help above 50% vote and I think one senator from Mexico looks not enough with his ideas how to make bitcoin as legal digital currency, bad not really bad did by Mexican senator how trying give revolution with bitcoin in his country, learned from El Savador president success made bitcoin as legal currency transaction, actually Mexico most interested country and have bigger impact if try to make bitcoin as legal currency, hope what did by one Mexican senator allowed by the other and will support with bitcoin as better currency at the future in their country.

teosanru

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction. This is good news for Bitcoin because in the face of the bearish market, it is still acknowledged as a potent solution or option to financial challenges of nations. Although this bill would face a lot of hurdles to go through the legislative and executive processes, but if it is finally passed into law, it would be a big win for Bitcoin because Mexico would be a bigger catch.

I am not against making bitcoin a legal tender but I have a very basic question if the government is not able to bring financial inclusivity using bank accounts how are they expecting to bring it through bitcoin? Eventually you'll have to buy bitcoin from your bank account only so who are not in the system will still face the challenge of opening up a bank account. And let's think what you are saying is correct, despite that is bitcoin really a cheap way to do transactions? Banks atleast on intra country level offer free services how are you expecting people to prefer bitcoin for it's affordability.

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If many people are unbanked in Mexico, it probably means they have limited financial literacy, understanding of financial security, and things like that. So if Bitcoin is just legalized, I don't think they'd care to try using it, and those who will are likely to make costly mistakes. I support legalization, but it doesn't necessarily lead to high adoption rates because work should be done to familiarize people with Bitcoin, how it works, what to watch out for, how to not lose access to one's wallet (and not to get your money stolen) etc. One senator is insignificant to make a big policy change like this, so I guess we'll see how much support she gets.

coupable

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Quote from: romero121 on July 13, 2022, 03:39:50 PM

Agreed, through this particular senator will be discussed and gains the good name from the cryptocurrency supporters. 56% of the population not having bank accounts isn't expected, but all of the sudden this can't be made to be the users of cryptocurrencies. People are having different thoughts about cryptocurrencies, when one isn't used to fiat system then how will they make use of bitcoin in a better way.

As I explained in a previous comment, this may seem rather interesting and influential, but one senator has no real weight for him and for everything he presents in front of the rest of his council members who in turn represent a large sample of the people. It is certain that it may be the first time he hears about Cryptocurrencies. In contrast, the senator did not present a plan on how he would present his plans to the people who are supposed to adopt his progressive ideas and are the actual users of them. The example of El Salvador provides us with a realistic picture of what can happen when a third world country adopts highly advanced technology that exceeds its capabilities at all levels.

gunhell16

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction. This is good news for Bitcoin because in the face of the bearish market, it is still acknowledged as a potent solution or option to financial challenges of nations. Although this bill would face a lot of hurdles to go through the legislative and executive processes, but if it is finally passed into law, it would be a big win for Bitcoin because Mexico would be a bigger catch.

Interestingly, there is a Legislator in Mexico who is pushing for the legalization of bitcoin in their country. In fact, it seems enviable, that I hope there is also a legislator here in the country I belong to who will push for it so that the communities can better know and discover the good that Bitcoin can bring good to the people of our time. Because it will also help merchants and if ever they happen that they will adopt it in their businesses this will cause to increase Bitcoin users and will also help even in lifting the economy in our country.

dansus021

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the other hand Black Swan author mocking up the ElSavador https://bitcointalksearch.org/topic/bitcoin-will-be-a-failure-even-if-it-hits-100000-says-black-swan-author-5405021 in here there is proposes.

i mean this is one of the proof that bitcoin is really can be future of money. Cool

and i think before it happen the gov still need learn a lot from El Savador and begin to tax cryptoexchange on Mexico first

Sloowww butt sure

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico.

It is good to have crypto friendly individuals in government, especially occupying meaningful positions. They can influence opinions of people up there into making crypto favorable policies. It will be good to have more politicians like her in different regions of the world trying to promote bitcoin in their own capacity.

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction. This is good news for Bitcoin because in the face of the bearish market, it is still acknowledged as a potent solution or option to financial challenges of nations. Although this bill would face a lot of hurdles to go through the legislative and executive processes, but if it is finally passed into law, it would be a big win for Bitcoin because Mexico would be a bigger catch.

Would still be needing to have lots of debates and discussion before this bill would able to pass.Do you really think that government of Mexico wont really be seeing the con's of such proposal?They might be having that 56% of population doesnt have access on that banking but doesnt mean that they arent that contented on making use of their own fiat money?
Its not really bad to have that proposed bill but making it as a legal tender then this is where things would look like a mess.

Well, we cant make out conclusions yet but it is less likely for everyone to really end up on having the same views and perception on accepting Bitcoin.
Not on really that too negative but turns out that this had been a common reaction.

CryptSafe

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction. This is good news for Bitcoin because in the face of the bearish market, it is still acknowledged as a potent solution or option to financial challenges of nations. Although this bill would face a lot of hurdles to go through the legislative and executive processes, but if it is finally passed into law, it would be a big win for Bitcoin because Mexico would be a bigger catch.

This is quite interesting. We have long been anticipating the gradual adoption of Bitcoin globally. This is just one of the major and bold step taking its course gradually. I strongly believe most law makers in various nations are pro Bitcoin enthusiast but are not bold enough to take the step in passing Crypto bill in legalizing crypto currency as a legal tender but with time things would unfold and we would start seeing the reality of speedy adoption of Bitcoin in various nations and spearheaded by their own lawmakers then we would be rest assured that Bitcoin has has taken it's legitimate Stand in the world economy as was predicted.

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Quote from: coupable on July 05, 2022, 04:54:53 PM

First, this is not the first time that a public figure in Mexico has announced a similar proposal and I recently heard about a similar proposal by a senator at a Bitcoin conference following El Salvador's announcement of its adoption of Bitcoin.
Second, these decisions seem to be for the sake of mass populism because one senator has no authority against the rest of the authority.

Agreed, through this particular senator will be discussed and gains the good name from the cryptocurrency supporters. 56% of the population not having bank accounts isn't expected, but all of the sudden this can't be made to be the users of cryptocurrencies. People are having different thoughts about cryptocurrencies, when one isn't used to fiat system then how will they make use of bitcoin in a better way.

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system. Bitcoin would indeed provide a good opportunity for this high un-banked population to gain access to cheap, fast and reliable financial transaction. This is good news for Bitcoin because in the face of the bearish market, it is still acknowledged as a potent solution or option to financial challenges of nations. Although this bill would face a lot of hurdles to go through the legislative and executive processes, but if it is finally passed into law, it would be a big win for Bitcoin because Mexico would be a bigger catch.

I'm not sure how prominent this politician is because sometimes people who are quite obscure put these proposals forward with no hope of them passing and just wanting to attach their name to a tech-type media story. El Salvador really needs to prove itself a bit more because at present prices it seems that their president threw away a whole bunch of public money in an already fairly poor country. Making it legal tender doesn't magically solve other economic problems, so even while it is good for the Bitcoin community it might be a slightly empty gesture for the average Mexican who is unlikely to benefit from it that much. Making general laws around crypto a bit clearer is probably a better place for them to start.

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Quote from: bittraffic on July 03, 2022, 12:48:51 AM

67M unbanked will finally have the chance.
The timing will be perfect because the price is low and its about time they have to do this after all they are using BTC and Salinas had been promoting BTC to his followers. Its time to track Cartels too. I'm guessing the government will also release own BTC wallet and KYC as well.

Indeed Bitcoin will amass a huge population of users if the bill passes through and got approved. It is very timely because of the current price of Bitcoin but sadly I think it will take years for the bill to be approved by that time Bitcoin will be on the rise again. It would be great (assuming it gets approved) to rush the implementation of the bill.

Quote from: bittraffic on July 03, 2022, 12:48:51 AM

Airdrop is coming to Mexicans, you think?

Highly impossible but it would be great if that happens.

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Quote from: Die_empty on July 02, 2022, 09:24:57 PM

Mexican senator Indira Kempis proposed a bill to accept Bitcoin (BTC) as legal tender in Mexico. The proposal document focuses on the fact, that over 67 million individuals in Mexico still do not have access to a bank account, which means that 56% of the country’s population still does not have this most fundamental of the financial system.

Thou Mexico is one of Latin America's biggest country, but despite the fact, are they sure they are ready and willing to accept the effects adopting Bitcoin as a legal tender may cause? Because it's very easy to accept Bitcoin, and it is very joyful to see it pump in price, but how about bearish period when the value falls in price, can it's common citizens withstand the lost at that moment? Because that's a question I think they really need to review once again, to see if the common masses are fully ready for it. Because Bitcoin is a currency for the set of people with an investor mindset

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This is great news. I hope all goes well! But it is clashing with the course of action of the government and Central bank of Mexico as the country also decided to launch their digital currency peso. In June the use of crypto inside Mexico was prohibited.

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