Bitcoin as legal tender in Mexico could become a reality if Senator Indira Kempis and Jan3 CEO Samson Mow get their way.
On April 26, Senator Kempis tweeted a picture of herself with Mow, accompanied by the text:
“Probably nothing… #Bitcoin legal tender”
Jan3 is a nod to January 3, 2009, when the BTC genesis block was minted. The company aims to “fix the world” by accelerating hyperbitcoinization.
In April 2022, it signed a memorandum of understanding to develop Bitcoin infrastructure in El Salvador – the first country to make BTC legal tender.
The development includes consulting on Volcano Bonds and building Bitcoin City, which Mow estimated could take as long as ten years to complete.
More recently, Mow has been in Mexico addressing Congress on Bitcoinization.
Mow in Mexico
In a recent press conference, surrounded by members of Mexico’s Congress, Mow spoke about the three paths to “adopt a Bitcoin strategy.”
The first, most straightforward path is to add BTC to the national treasury, similar to how countries hold gold or foreign currency reserve assets.
Another method is to issue a financial bond instrument backed by BTC. Although Mow didn’t go into the logistics, it is assumed that bond buyers pay Mexico U.S. dollars, entitling them to a return.
The funds would be used to mine BTC by acquiring mining equipment and infrastructure. Revenue generated would pay the bondholders while also stockpiling excess coins in the process.
“Mexico is an energy-rich country, and issuing a Bitcoin bond would be very simple to do here. It would lead to a large accumulation of Bitcoin…”
Lastly, Mow spoke about legislating for Bitcoin legal tender, enabling the unrestricted use of it as a currency – adding that Senator Kempis has been working on this for several years.
Latin American Bitcoin revolution
The immediate impact of El Salvador passing the Bitcoin Law in September 2021 was met with rumors of other Latin American countries following suit – including Panama, Mexico, and Paraguay.
However, Mexico’s legal tender plans were thwarted when the country’s central bank and financial regulator issued a joint statement rejecting the idea.
Despite the setback, Senator Kempis was undeterred in her efforts to establish Mexico as a fintech hub with BTC as legal tender. She has taken it upon herself to draft legislation and support the bill through the democratic process.
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