Senator Kempis Drives Bitcoin Legislation in Mexico
Indira Kempis, a freshman senator from Nuevo León, is at the forefront of financial innovation in Mexico, actively pushing for Bitcoin acceptance and the establishment of a Central Bank Digital Currency, amidst mixed reactions from the political sphere.
Mexican Senator Indira Kempis is spearheading financial innovation in Nuevo León, advocating for Bitcoin adoption and a Central Bank Digital Currency (CBDC). Initially focusing on a CBDC, she expanded her bill to encompass Bitcoin, aligning with the growing interest and innovative demands in finance.
Kempis, instrumental in the creation of Bitso, Mexico’s largest crypto exchange, deepened her engagement with Bitcoin to address entrepreneurial challenges. Her pragmatic efforts culminated in a bill aimed at laying down a comprehensive legal framework for digital currencies, positioning Banco de México as the potential digital currency issuer.
The introduction of a Bitcoin ATM in the Mexican Senate has ignited curiosity and prompted inquiries from legislative members, underscoring the need for clear stances on the bill. While Mexico boasts a thriving tech landscape and a population versed in fintech, the country exhibits a diverse crypto product range, evident in its lower-than-average use of centralized exchanges. Additionally, digital wallets are becoming more accessible, now available in indigenous languages, and remittances are on the rise, showing a nearly 10% increase year-on-year.
However, legalizing Bitcoin remains a complex challenge. The Mexican Central Bank plays a pivotal role, with the senate awaiting its formal stance on the matter. The bank’s leadership transition, from a Bitcoin skeptic to the more reserved current governor Victoria Rodríguez, adds to the uncertainty.
Political hurdles also persist, with figures like AMLO rejecting the Bitcoin legal tender model. Nevertheless, Kempis is optimistic, projecting a digital peso by 2024 and remaining steadfast in her Bitcoin advocacy.
Her commitment extends beyond her senatorial role, evident in her presidential aspirations for 2024. Kempis envisions the legislative branch as a crucial educator and discussion facilitator, aiming to establish solid regulations. She firmly believes in Mexico’s capacity to embrace digital currencies, inspired by El Salvador’s example, and is determined to propel Mexico’s financial landscape into a new digital era.
