Topic: Mexican senator proposes bill to make Bitcoin legal tender - page 3. (Read 443 times)

Im curious too whether this proposal will materialize. But obviously there will be opposition to this suggestion and likely turn it down.. But who knows if the majority agreed to his proposal.

Yes it could be a big help or wide spread adoption instantly but remember that government is likely not to allow this.

In my opinion, even not now but later time bitcoin will be realize to be an effective form of currency which people can tend to appreciate. Anyway, like everyone says we are still early on crypocurrency evolution.

67M will have a chance.. to have a BANK account
...
but. right now without the tender status those 67M can still own bitcoin right now. without a bank account. bitcoin is not banned. its just not allowed to let BANKS offer bitcoin denominated BANK accounts.

take el salvador
the 'chivo' has become the NEW "bank" by government ratifcation giving citizens a "bank account" denominated in USD and btc. (still not a pretty system yet)
but the other older banks. are not setting up their own "accounts" under the same bank branch access..

they also have things like needing to register to be a bitcoin service provider.. something you dont need to do if you just wanted to own/sell or enjoy baked beans/teddy bears/bitcoin in a non-tender but but banned country
https://registrobitcoin.bcr.gob.sv/web/inicio

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?

mexico's stance is that trade is possible with bitcoin. much like buying baked beans or a teddy bear. . but institutional banks cant offer accounts denominated in beans or teddy bears or bitcoin. and banks cant offer 'markets' or services to buy/sell beans/teddy bears directly.

yes you can have a bank account that funds a private business that offers markets(deposits into an exchange) without being a criminal for making a deposit(bitcoin is not banned in mexico).. but a bank cant become an market order book(exchange) in of itself.

the government cant also accept taxes in beans or teddy bears(bitcoin).

by becoming legal tender it transforms beans/teddy bears(aka bitcoin). from being a privately traded resource/value/asset/product/good to being a government recognised currency under their jursdiction of regulatory and taxation rules..  that can be used by banks to set up their own accounts denominated in. it can be used to pay taxes in. and accepted as wages/salaries in bitcoin(and of course taxed).. and of course regulated more.

there is a bit of good and bad in this..
bitcoin was never banned in mexico. and IF it gets to be a "legal tender" makes it rubber stamped acknowledged certified as trusted to have official greenlight to be accepted and mass adopted quicker and used by banking institutions wanting to offer services around it.

however it also allows the mex' government to have more jurisdiction over it. such as taxing things. like every trade(cap gains), every swap of ownership(income/sale tax) where by they will probably want some controls on monitoring and measuring and such to make sure their citizens pay their taxes/not use it for illicit other things.
..
seeing some government reactions to legal tenders. of taxation and such.
id rather see bitcoin be treated more like a limited supply run of teddybears or a post apocalyptic hoarding of baked beans trade between people. rather than being a legal tender that has alot of regulations and taxation applied right from the start.

bitcoin is and always has been a currency. yep people trade teddy bears for years. they have value.
but teddy bears are not a legal tender. so are not hounded by the tax office for cap gains/income taxes at all movements of teddybear ownership.

but ofcourse by not being legal tender. is not the big advert neon sign to get adoption rolling in mexico in any fast push. where people with retirement plans cant use a bank portfolio of bitcoin.. and banks cant set up bitcoin portfolios to offer to officially recognised/regulated retirement plans

.. so its a question of do you want banks/governments grabbing onto coins to push adoption in mexico quick. or do you want them to leave their hands where they are and just let the citizens set up their own systems, slower and less on the radar of regulation

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. The article states:


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/)

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.