Opposition grows against Mexican senator Kempis' Bitcoin Bill

Opposition grows against Mexican senator Kempis’ Bitcoin Bill

Mexican Senator Indira Kempis, a long-time advocate for technology and blockchain, has been at the forefront of a significant legislative push regarding Bitcoin. Her Bitcoin bill, which initially proposed a central bank digital currency (CBDC) and later included the acceptance of Bitcoin as legal tender, has been the center of attention in Mexican politics.

At first, the bill garnered relatively little opposition, primarily because, as Kempis explains, “nobody really understood Bitcoin” in the beginning. However, the tide is turning, and the bill is now receiving both positive and negative attention. Kempis views even the opposition as a sign of progress, noting that “we are moving the system” as the conversation around cryptocurrency deepens.

The installation of a Bitcoin ATM inside the Mexican Senate was a turning point. It prompted Congress members and their teams to start asking more questions about the bill and its implications.

Kempis believes that creating a heat map indicating where the country’s legislators stand on the bill would be helpful in clarifying their positions. She is determined to communicate to the public whether or not their representatives are interested in this emerging industry.

Indira Kempis Martínez, a Senator from the state of Nuevo León and a member of the Citizens’ Movement party, is well-known in the cryptocurrency community for her unwavering support of the crypto and blockchain industry. While she initially didn’t grasp the concept of Bitcoin, she became aware of the challenges faced by entrepreneurs and decided to explore this innovation further.

Last year, Kempis introduced the bill with a focus on creating a CBDC, without mentioning BTC. Later, she made the pivotal decision to include cryptocurrency, believing it was a necessary step to ignite the discussion. She sees this as part of a pragmatic approach that could ultimately lead to the establishment of a legal framework for Bitcoin’s adoption as legal tender in Mexico.

Despite the growing attention and discussions surrounding the bill, Kempis acknowledges that there is still a long way to go. The role of the central Banco de México (the country’s central bank) is crucial in the legislative process. However, the former governor of the central bank was a critic of Bitcoin, and the current one has remained silent on the topic.

The Mexican Senate has asked the central bank to provide a formal analysis and stance on the matter, but there has been no response yet. Kempis anticipates that Mexico may introduce its digital peso in 2024.

In conclusion, Senator Kempis views one of the essential functions of the legislative branch as providing education, fostering discussions, and establishing comprehensive regulations. She draws inspiration from El Salvador’s adoption of Bitcoin as legal tender, suggesting that if they can do it, Mexico can follow suit. Moreover, Kempis recently announced her intention to become the first female presidential candidate in Mexico in 2024, further emphasizing her commitment to shaping the country’s future.