As a country notorious for its fervent technological advancement and its innovation-loving population, Mexico is now witnessing the fervent defense of a political figure in favor of Bitcoin. Indira Kempis, a prominent senator from the state of Nuevo León, is gaining more and more visibility in her crusade to legitimize Bitcoin as legal tender in the country.
Kempis’s interest in the world of cryptocurrencies began subtly. His connection with Bitso, which became the main Mexican cryptocurrency exchange, was a turning point. Recognizing the barriers entrepreneurs faced in the crypto space, she decided to take action.
Its legislative project, initially focused on the design of a central bank digital currency (CBDC), was reformulated to prioritize Bitcoin. In the beginning, the lack of knowledge about cryptocurrency on the part of many legislators made the project’s trajectory smoother. However, as the details unfolded and the discussion gathered pace, Kempis had to face both applause and criticism.
Keeping an eye on the stance of his political colleagues, Kempis created a heat map. A tool that, according to her, would inform the Mexican public about the receptivity of their representatives to this financial advance. And, speaking of receptivity, it is worth highlighting that, according to data from Chainalysis, Mexicans not only have access to a wide range of crypto products, but digital wallets are already offered in indigenous languages, spoken by approximately 6% of the population. The flow of remittances in the country also saw growth, marking an increase of almost 10% compared to the previous year.
However, challenges are inherent to the process. While the Mexican Central Bank waits to formally take a position on the issue, the political scene appears divided. President Andrés Manuel López Obrador has already expressed his resistance to the idea of adopting Bitcoin as legal currency, contrasting with the senator, who is betting on the debut of the “digital peso” in 2024.
And 2024 appears to be a symbolic year for Kempis. The senator announced her candidacy for president, and regardless of the results of the polls, her defense for Bitcoin will remain firm. Kempis understands that the legislative branch must promote education and drive debates through precise laws, taking El Salvador’s positive experience with Bitcoin as a reference.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.