introduction
Mexican Senator Indira Kempis, who previously worked to introduce a central bank digital currency (CBDC) bill, is now pushing for Bitcoin to become part of her political agenda. In her original bill, the country's central bank would be the sole issuer of the digital currency, and feeling strong opposition from the crypto community to the introduction of a CBDC, Kempis amended the proposal to include Bitcoin. Her goal is to establish a legal framework that will allow the country to recognize and accept Bitcoin as legal tender. Despite facing both positive and negative attention, Kempis remains determined to push the bill forward.
Mexican Senator Indira Kempis is leading a remarkable digital currency revolution with her mission to establish a legal framework in Mexico to accept Bitcoin as legal tender. This vision has not only sparked heated discussions in the crypto community, but also sparked international debate on the potential impact of digital currencies in the traditional financial system.
The History of Mexico’s Digital Currency Bill
Bitcoin is a decentralized digital currency that is not controlled by any government or institution, but is maintained and verified by tens of thousands of computer networks around the world. Satoshi Nakamoto, the founder of Bitcoin, published the Bitcoin white paper in 2008, which elaborated on the design principles and goals of Bitcoin, namely to create a "peer-to-peer electronic cash system" that allows people to conduct safe, fast and low-cost transactions without relying on any intermediary institutions.
Since its birth, Bitcoin has attracted the attention and discussion of countries around the world. Some countries welcome and support it, while others are skeptical and resist it. In June 2021, the Central American country of El Salvador became the first country in the world to use Bitcoin as legal tender, sparking a warm response from the global cryptocurrency community. Salvadoran President Nayib Bukele said that the adoption of Bitcoin will help promote financial inclusion, stimulate economic growth, reduce remittance costs, attract foreign investment and innovation, etc.
El Salvador's move has also inspired the interest and inspiration of other Latin American countries, one of which is Mexico. Mexico is one of the largest economies in Latin America and one of the largest recipients of remittances in the world. According to the World Bank, Mexico received about $40 billion in remittances from overseas in 2020, accounting for 3.8% of its gross domestic product (GDP). However, Mexico also faces problems such as financial exclusion, inflation, poverty, and inequality. Therefore, some Mexican politicians believe that Bitcoin may be an effective tool to solve these problems.
One of them is Senator Indira Kempis, who represents the state of Nuevo León. She previously worked to introduce a central bank digital currency (CBDC) bill, and now she is pushing Bitcoin to become part of her political agenda. In her original bill, the country's central bank would be the only issuer of the digital currency, but after feeling strong opposition from the crypto community to the introduction of a CBDC, Kempis amended the proposal to include Bitcoin. Her goal is to establish a legal framework for the country to recognize and accept Bitcoin as legal tender.
Indira Kempis’s vision for digital currency
To promote this proposal, Kempis visited El Salvador a few weeks ago and communicated and learned with local government officials, entrepreneurs, social organizations and cryptocurrency enthusiasts. She said she was impressed by the results of Bitcoin adoption in El Salvador and believed that this was a historic opportunity to change the global financial landscape and people's lifestyles.
“It’s clear to me that financial exclusion is one of those public problems that few of us have solved with viable alternatives, and this technology allows us to generate alternatives so that millions of people can be included in the financial system,” Kempis said. She went on to say that Bitcoin adoption is a historic opportunity for countries around the world to address issues like inequality and achieve financial inclusion, saying, “We need Bitcoin to become legal tender in Mexico because if it’s not, if we don’t make a decision like we did in El Salvador, it’s going to be hard to act.”
Kempis also said that Salvadoran President Bukele may have started a Bitcoin revolution that has the potential to affect all countries. “Making Bitcoin legal tender means leveling the playing field for the excluded in almost all countries,” she added.
Although Kempis is full of confidence and enthusiasm for Bitcoin, she is also well aware that it is not an easy task for Mexico to adopt Bitcoin. She faces various pressures and doubts from the government, central bank, financial institutions, media and the public. She admits that her proposal may be opposed and rejected, but she is still determined to push the bill forward.
“I know this is a very bold and controversial proposal, but I think it is necessary. I don’t want to miss this historic moment, I want to make Mexico an innovative and leading country. I believe Bitcoin can bring us many benefits, not only economically but also socially. I hope to convince my colleagues and the people of my country that they can see the potential and value of Bitcoin,” said Kempis.
Kempis said she plans to introduce her Bitcoin bill to the Mexican Congress this year and looks forward to collaboration and dialogue with other countries and regions to share experiences and perspectives. She also called on the cryptocurrency community to give her support and advice so that she can better promote and implement the Bitcoin bill.
“I know I’m not an expert and I still have a lot to learn. I’m very grateful to the cryptocurrency community for their guidance and encouragement. I also welcome anyone to contact me and give me feedback and ideas. I believe that together we can make a change and make Bitcoin a global phenomenon,” said Kempis.
in conclusion
Indira Kempis’s vision for digital currency represents a major experiment in the digital currency space, the results of which will have far-reaching implications for the Mexican and global financial systems. Her mission aims to promote financial innovation and financial inclusion, but it also raises a series of legal, regulatory, and economic challenges. Whatever the final outcome, Kempis’s efforts will lead the future of digital currency and become an important case study on a global scale, exploring the possibility of digital currency and the integration of traditional financial systems. This story is still unfolding, and we can’t wait to see its future developments.