Topic: Mexican senator proposes bill to make Bitcoin legal tender - page 2. (Read 443 times)
This ought to be interest as if this were to happen, you have to wonder about a potential Central and South America domino effect. However, if this guy is like a handful or less of politicians in Mexico on board, you have to wonder if his life could potentially be in danger unless he can convince others.
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.
Second, these decisions seem to be for the sake of mass populism because one senator has no authority against the rest of the authority.
well, at least some politicians are aware about the potential of bitcoin in their financial system. they may want to try the inclusion of bitcoin in their system and see what may be the possible impact to its people and their economy. with the interest of some of these politicians, some of their people may also start checking the crypto market.
This is a good news, and this is the reason we believers of bitcoin are hodling our coins because the signs are very clear at the time when the markets bleeding big institutions are actually putting their money in bitcoin. There is increasing acceptance of bitcoin by governments and in countries. Remembers buy when everyone else sells and sell when everyone else want to buy. That's the rule of market.
if the information is reliable, it's absolutely tangible from my understandable concerning the good news of cryptocurrency adoption and legalize. Many people because of the information will give room to Bitcoin resurrection, that is only part i observe. And it can only happens if the information circulate well. That is while some of the investors who hold some coins when we are experiencing both bullish and bearish market is a supportive to cryptocurrency network indirectly, because without they storing cryptocurrency in their wallet as asset or investment cryptocurrency won't have resurrected.
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.
Second, these decisions seem to be for the sake of mass populism because one senator has no authority against the rest of the authority.
What will be more convincing at this moment is the use of Bitcoin as a Medium of Exchange for International settlement, as Foreign Exchange, Remittances, etc. They need to be convinced that it's one of the best alternatives to the dollar for exchanging value across the world. You can start considering the so called unbanked when extreme price volatility has been managed. The goal is to manage that in two years time.
Besides that if the bill passes, it will be headlines for alot of media out there and some other countries will also consider the same idea for their country
By what miracle do you think that bill would pass? It is a proposal of one person against which the government and the central bank have already publicly expressed their negative opinion - so this is not El Salvador where one man with the majority support of his party in the parliament can pass any law that comes to his mind.
In addition, the example of El Salvador has shown that the unbanked continue to remain unbanked, regardless of which option the state enables them to use. People who live in rural areas, are engaged in agriculture from morning to night and mostly do not have internet, are not interested in Bitcoin.
As of the early 21st century, the rural workforce is still significant but it is shrinking. Traditional farming methods with small plots worked by families and small communities still dominate in many regions especially those with large indigenous populations such as the Southern Plateau. In these areas the main crops are corn, beans and squash as in the Mesoamerican period. Many farmers still survive on subsistence agriculture earning cash by selling excess crops in local markets, especially in central and southern Mexico.
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 another big impact for Bitcoin, or good points as well.
I am pretty sure also that most of the Bitcoin enthusiast of this country would be happy once it has been implement properly. This is what I'm talking about in some other topic where in the near future most country will adopt the concept of Bitcoin all over the world.
Even if the bill passes, a big portion of the unbanked population will remain the same, since the internet penetration rate in Mexico stands at roughly 74% only and I have a strong feeling that most Mexicans with incomes below the poverty line, probably wouldn't use something as volatile as BTCitcoin either.
This idea may not have the immediate solution to all of the Mexican economic problem but it's a good option for now instead of just relying on the old banking system. Besides that if the bill passes, it will be headlines for alot of media out there and some other countries will also consider the same idea for their country
I hope the bill gets passed and Mexico becomes among the country that uses BTC and other cryptos.
I think this is just an strive for the senator to get a bit greater attention within the public, and in a endure market every desirable information is really worth much extra than otherwise.
I *think* things this are going to get increasingly more help from an increasing number of locations.
And banks will support it. Vital banks will probably not, however retail and business banks will. Frequently for the identical motive that when YEARS of being anti-crypto PayPal isn't helping it
I *think* things this are going to get increasingly more help from an increasing number of locations.
And banks will support it. Vital banks will probably not, however retail and business banks will. Frequently for the identical motive that when YEARS of being anti-crypto PayPal isn't helping it
67M unbanked will finally have the chance.
Even if the bill passes, a big portion of the unbanked population will remain the same, since the internet penetration rate in Mexico stands at roughly 74% only and I have a strong feeling that most Mexicans with incomes below the poverty line, probably wouldn't use something as volatile as BTCitcoin either.Airdrop is coming to Mexicans, you think?
I highly doubt they'll do something similar to what President Bukele did in the past. 
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.
It begining to get so much interesting how more and more countries are trying to get their hands involved with Bitcoin.
This will means so much for the crypto land if that bill happens to scale through, The economy of Mexico is huge, So imagine how much money that will melt into Bitcoin through this if Bitcoin becomes legalized. Bitcoin has solution to many problem facing the world economy and the earlier countries begins to embrace BTC, the better for them.
If it does, it could have a big positive impact for bitcoin, as Mexico has much more weight on the international scene than El Salvador, with El Salvador's GDP being $28.79 billion, while Mexico's is $1.29T (source: https://data.worldbank.org/)
They are more likely to have some more chances to pass this bill if they see some good news about El Salvador's situation regarding their bitcoins. Because to push it further and to encourage other congress members to finalize and approve the bill, they need to prove it and give an actual example as their reason why they need this to have it. Hope that bitcoins will gonna survive their bearish market these upcoming months since it has already fallen down to under $20k and it might be the last downfall for its price this year.
As the OP mentioned many Mexican people cannot have access to a bank account and is a fact about Mexico since they accept this situation they will search for way as a solution for their current situation, here bitcoin ban is a good option for them and it depends on their government because they surly accept bitcoin and after that, they try to legalize it for their own benefits to get tax and start milking the bitcoiners in their country however due to the problems with accessing bank account and interest of the people to bitcoin I guess they are kinda under preasure to accept it.
Wow, didn't know that. 56% of the Mexican population does NOT have access to the banking system? That's crazy and it just shows how much more work needs to be done. We don't realise it, we take our financial system for granted but it is really something magical to be able to pay at the store with your phone and/or making online purchases with a couple of clicks, not even talking about the credit system which could empower entire communities.
However the advantage of people who are not 'banked' yet is that they won't have to adapt from one system to another. Instead they could go straight to doing payments in crypto and/or dealing with BTC directly.
I'm still shocked that more than half the population is unbanked. I heard that Mexico is split into two zones. A richer one (the North one if I remember good) and the south, poorer one.
However the advantage of people who are not 'banked' yet is that they won't have to adapt from one system to another. Instead they could go straight to doing payments in crypto and/or dealing with BTC directly.
I'm still shocked that more than half the population is unbanked. I heard that Mexico is split into two zones. A richer one (the North one if I remember good) and the south, poorer one.
Mexico would definatelly be a big name when it comes to btc introduction to a countrys financial system. But that's only part of the issue. The other one is BTC actually being used when the bill is passed and through what kind of loopholes will it have to go through.
I *think* things this are going to get more and more support from more and more places.
And banks will support it. Central banks will probably not, but retail and commercial banks will. Mostly for the same reason that after YEARS of being anti-crypto PayPal is not supporting it. The word of the day is FEES. They will happily add some other product to their portfolio that allows them to make money. No different then ant other crypto <-> fiat service.
-Dave
And banks will support it. Central banks will probably not, but retail and commercial banks will. Mostly for the same reason that after YEARS of being anti-crypto PayPal is not supporting it. The word of the day is FEES. They will happily add some other product to their portfolio that allows them to make money. No different then ant other crypto <-> fiat service.
-Dave
I think this was the second time that I've seen a thread about this proposed bill. It is good news until it's made into reality.
While looking at this bill, it's encouraging that bitcoin is being recognized by these lawmakers, and hopefully, their going to have that majority vote and will pass it as a law.
While looking at this bill, it's encouraging that bitcoin is being recognized by these lawmakers, and hopefully, their going to have that majority vote and will pass it as a law.
Does anyone familiar with the situation in Mexico know if this bill is likely to pass? I imagine not much, although I would like to.
One senator against the entire government and central bank of Mexico who clearly say no to such a proposal - I think the matter is completely clear. Mexico has always been an extremely corrupt country, and I guess it is still the same today - and considering that we know that Bitcoin is far more transparent than fiat, politics will always fight against what can expose them to all the bad things they do.
I think this is just an attempt for the senator to get a little more attention in the public, and in a bear market every good news is worth much more than otherwise.
This is a good news, and this is the reason we believers of bitcoin are hodling our coins because the signs are very clear at the time when the markets bleeding big institutions are actually putting their money in bitcoin. There is increasing acceptance of bitcoin by governments and in countries. Remembers buy when everyone else sells and sell when everyone else want to buy. That's the rule of market.
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