Mexico Pondering Bitcoin Legalization

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At the Bitcoin conference that took place in Florida a couple of weeks ago, Ricardo Salinas, founder of the Salinas Group, stated that Mexico is looking into the possibility of making Bitcoin legal tender. Everyone seems to be following El Salvador’s move. The island of Roatan in Honduras has made such a decision, and Mexico may be next on the list. It’ll face stern competition from opposition in the Mexican government and it’ll surely be an uphill battle, but the fact that the country is pondering legalization speaks enough.

Salinas himself would love to have Bitcoin legal. He’s the third richest man in Mexico and appeared as a panelist at the Bitcoin conference. He shared previously undisclosed information that 60% of his portfolio is in Bitcoin, while the remaining 40% of his investments are in gas and oil.

Mexican Senator Confirmed the News

The same day when Salinas spoke at the conference, Mexican senator Indira Kempis relayed the news. She proposed Bitcoin legalization in Mexico, following in El Salvador and Roatan’s footsteps. Now the key word here is only a proposal. The government is still not contemplating such a big move, so everyone’s expecting an uphill battle. Unfortunately, the country is still too dependent on fiat money and what it calls fiat fraud, with the Central Bank heavily against cryptocurrencies.

As the senator put it, the powers that be in Mexico hate Bitcoin because of the freedom it represents. Salinas, himself one of the founders of Banco Azteca, said that he’s part of a problematic system. He revealed that he’d love for the bank to change its stance and allow Bitcoin payments. That, however, is not that likely to happen. On the other hand, as the owner of the Elektra supermarket chain, Salinas is currently working on retailers to accept Bitcoin payments for all items and products.

Of course, it’s still a long way to go before it all becomes official, especially considering the fight the Central Bank of Mexico will surely put up. However, it’s clear that the proposed legalization led by key figures such as senator Kempis and one of Mexico’s richest men is a major sign that changes are coming sooner or later, whether governments like it or not.

Crypto Adoption Surging Worldwide

Crypto adoption around the world is surging, and you don’t need to be a tech whizz to see it. It’s not just El Salvador and Roatan. Numerous countries are becoming more and more open to the idea of Bitcoin and crypto adoption. And it’s not just adoption for the sake of it. Kempis believes that making Bitcoin legal tender in Mexico will promote financial inclusion.

Over 67 million people in Mexico are not included in the financial system. With its power of financial inclusion and a bit of education, this people will have a much better quality of life. That’s still some way off, but Kempis and Salinas are doing their best to bring it closer to everyone.

It remains to be seen what happens now, but if Mexico joins the party, it will be a huge step forward for crypto.

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April 20, 2022: • No Comments

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