Following the perceived successes El Salvador’s president, Nayib Bukele has achieved since legalizing Bitcoin, a lawmaker in Mexico now wants the same for her country. 39-year-old senator Indira Kempis Martinez is set to become the first Mexican senator to push for the mainstream adoption of Bitcoin, and she is citing El Salvador’s milestone achievements as her motivation to do so.
One of El Salvador’s remarkable feats is onboarding more Bitcoin users in just half a year. There are now over three million El Salvadorians representing close to 50% of the country’s total population with an active crypto wallet—roughly 1.3 million citizens more than the number of traditional bank account owners. The Nuevo León senator sees this as an avenue for Mexico to cut back on millions of dollars of international transfer charges, and attract investors.
Already, El Salvador has received an investment pledge from JAI energy, Wyoming’s largest mining company, and is currently in talks with lawmakers from Dubai on issues surrounding Bitcoin adoption. President Bukele had also begun plans to quadruple El Salvador’s energy capacity for more mining activities, using geothermal power from an inactive volcano.
Regardless of its strides, however, the young and Bitcoin-friendly leader has not been without a barrage of global criticisms from international financial regulatory bodies. The IMF had warned that “the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” It believes “the adoption of a cryptocurrency as legal tender… entails large risks for financial and market integrity, financial stability and consumer protection.”
Added to that, a significant percentage of its 1,800 BTC stash is currently being held underwater.
Senator Kempis remains quite undeterred by the volatility or regulatory clampdown. Beyond the prospects Bitcoin holds, it appears Kempis’s approach to it is from the standpoint of global perception and regional pride. She was quoted as saying:
„Este o oportunitate istorică ca acest tip de proiect să fie realizat într-o țară din America Centrală. De fiecare dată când s-a discutat despre El Salvador, a fost întotdeauna pentru a aborda problemele migrației, violenței și crimei organizate, iar acum privirea lumii nu este asupra acestor probleme publice, ci din cauza acestui mare apel la nivel global cu bitcoin.”
„Pentru mine este clar că excluderea financiară este una dintre problemele publice pe care puțini dintre noi le-am abordat cu alternative fezabile și că acest tip de tehnologie ne permite să generăm o alternativă, astfel încât milioane de oameni să poată fi incluși în sistemul financiar. ,”
There are currently over 3.1 million Mexicans representing 2.5% of the total population that identify as owning or trading Bitcoin and other cryptocurrencies.
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