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Second attempt to regulate bitcoin and cryptocurrencies in Mexico

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Indira Kempis, senator for the state of Nuevo León, will present a bill to regulate bitcoin and cryptocurrencies in Mexico this year. Kempis, who visited El Salvador a few weeks ago, plans to adopt the crypto regulation model implemented in that nation. Ella kempis believes that bitcoin is a good tool to promote financial inclusion and place Mexico at the forefront of technology. Deputy Eduardo Murat made a similar proposal in June.



Mexico, cryptocurrencies and bitcoin


Kempis gives El Salvador as an example, and affirms that he will work on the development of a similar regulatory proposal. The Central American country approved the Bitcoin Law on September 7 and since then it is the first country in the world to make Bitcoin a legal tender

“In El Salvador, a dose of the future is brewing that does not come, but IS. We have to anticipate ,” Kempis said during an interview with the newspaper El Salvador .


Kempis’ regulatory proposal has put Mexico on the map of the crypto industry, which could have positive consequences for the country.


Cryptocurrency remittances 


The interest in cryptocurrencies in Mexico has grown significantly in recent years. According to Finder, Mexicans make great use of cryptocurrencies. According to research firm Chainalysis, Mexico plays a significant role in the crypto asset remittance sector. Of the total remittances sent last year from the United States, 11% were made in cryptocurrencies.

However, despite the growing interest and adoption of cryptocurrencies by citizens, Mexican regulators are opposed to its regulation. Mexican President Manuel López Obrador said in October that he had no plans to legalize cryptocurrencies. Moreover, he pointed out that the best thing for the country was “not to innovate much” in financial management. The president argued that if everything had gone well so far, there was no need to make changes. 

The Central Bank of Mexico and the Ministry of Finance and Public Credit of the country have also expressed their rejection of cryptocurrencies. In June, Treasury Secretary Arturo Herrera recalled that the use of crypto assets is prohibited. Herrera made these statements a day after Ricardo Salinas, owner of Banco Azteca, revealed his intentions to offer access to bitcoin through his bank. 


Financial Exclusion


Kempis wants to promote the use and adoption of bitcoin and other cryptocurrencies as an effective solution to the problems of financial exclusion that exist in the country. In the first quarter of 2021, the rate of people without access to financial services through the traditional system stood at 53%, according to data published by Forbes, citing the Association of Banks of Mexico (ABM). 


Kempis’ proposal is in tune with that of other Mexican leaders. Deputy Eduardo Murat said last June that he would promote the adoption and regulation of bitcoin and cryptocurrencies before the Mexican Chamber of Deputies. Kempis has led numerous debates and discussions so that citizens and authorities begin to see cryptocurrencies as a tool for the future. Murat said in a tweet on June 8 that he would promote and propose to the Chamber of Deputies a legal framework for cryptocurrencies in Mexico. On this occasion, Murat, who no longer sports laser eyes on his Twitter profile, has not commented on Kempis’s proposal.


Elektra implements payments with Bitcoin


Last December, the Elektra chain of stores, owned by Ricardo Salinas, began accepting payments in bitcoin. From its official website, the chain promoted payments with BTC, offering discounts of up to 20% to those who made their payments with this cryptocurrency. Elektra is the first large chain in Mexico to accept crypto assets as a form of payment. 

Salinas has been a big proponent of cryptocurrencies. Last week he recalled his preference for bitcoin over gold, a digital asset being one that is easier to manage and store than the precious metal. He also pointed out the weaknesses of the dollar and other fiduciary currencies against the great advantages of bitcoin as a long-term investment asset. 

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