Mexican Senator Indira Kempis has proposed a bill for a central bank digital currency (CBDC) that recognizes Bitcoin as legal tender. Initially met with little opposition, the bill has recently seen increased scrutiny. Kempis, a staunch advocate for technology and blockchain, argues that such a move can boost financial inclusion and innovation in Mexico.
However, critics of the bill express concerns about Bitcoin’s price volatility, potential money laundering, and possible financial instability. They also fear it might diminish the authority of the national currency and the central bank.
Proponents see the adoption of Bitcoin and CBDCs as revolutionary, emphasizing their potential to provide financial services to the unbanked, spur economic growth, and offer a more secure financial system.
Kempis remains positive about her bill’s future, noting countries like El Salvador have already recognized Bitcoin as legal tender. The bill is now with the Mexican Congress, and its decision will greatly influence Mexico’s cryptocurrency landscape. The ongoing debate underscores the global conversation about the role of digital currencies in modern economies.