Topic: Mexican senator proposes bill to make Bitcoin legal tender (Read 448 times)

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.  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

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.

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.

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.

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.

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.

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.



Highly impossible but it would be great if that happens.

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

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.

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.

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.

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.

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.

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.

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.

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

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.

I highly doubt they'll do something similar to what President Bukele did in the past.

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.

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.

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

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.

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.

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.