Long-time tech and blockchain advocate Mexican Senator Indira Kempis is spearheading a Bitcoin bill that is attracting both positive attention and increasing opposition. Kempis, a member of the Citizens’ Movement and a Senator from the state of Nuevo León, proposed a central bank digital currency (CBDC) last year, which now also includes accepting bitcoin as legal tender.
The Evolution of Kempis’ Bitcoin Bill
Initially, Kempis’ Bitcoin bill faced minimal opposition, as she explained to Decrypt, “because nobody really understood Bitcoin.” However, as knowledge about cryptocurrencies grows, the bill’s reception has become more nuanced. Kempis sees even opponents’ rejection as a sign of progress, stating that “we are moving the system.”
Interest in the bill gained momentum after a Bitcoin ATM was installed inside the Mexican Senate, prompting Congress members and their teams to seek more information on the topic. To gauge the stance of the country’s legislators, Kempis suggested implementing a heat map that shows their positions on the bill.
Kempis emphasizes the importance of communication to the public, aiming to inform them about their representatives’ level of interest in this innovative industry.
The Road to Creative Alternatives
Kempis, a long-standing supporter of the crypto and blockchain industry, has been recognized for her advocacy of early adoption in Mexico. Despite initially lacking understanding of Bitcoin, she became aware of the challenges faced by entrepreneurs and recognized the potential of this technological innovation.
As a result, Kempis instigated productive conversations within the legislative branch, ultimately introducing the bill. The initial focus was on creating a CBDC, but it was later modified to include cryptocurrencies like Bitcoin. Decrypt reports that this change was deemed necessary to pave the way for further discussion and the establishment of a comprehensive legal framework for Bitcoin adoption as legal tender in Mexico.
Challenges in the Legislative Process
While the bill continues to generate attention and undergo discussions, Kempis acknowledges that there is still a significant journey ahead. The Banco de México, the country’s central bank, plays a crucial role in the legislative process. However, the former governor was a critic of Bitcoin, and the current governor has remained silent on the topic.
The Mexican Senate has requested a detailed analysis and stance from the central bank, but it has yet to provide a formal response. Kempis anticipates that Mexico will introduce its digital peso by 2024, underscoring the importance of comprehensive regulations and education provided by the legislative branch. Drawing inspiration from El Salvador’s adoption of Bitcoin as legal tender, Kempis asserts that Mexico can achieve similar progress.
Looking Ahead
In an ambitious move, Kempis recently announced her intention to become the first female Presidential candidate in Mexico in 2024. This bold step highlights her unwavering commitment to advancing technology and embracing innovative solutions for the country’s future.
