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- El Salvador in English said that Indira Kempis, a senator from Mexico’s Senate, plans to introduce a crypto bill similar to El Salvador’s Bitcoin law, which would make the top crypto asset legal tender in the country. Kempis has been pro-Bitcoin since she was elected to the Mexican Senate in 2018, the upper house of the Mexican Congress.
- Due to El Salvador’s influence and as a potential solution to inflation, politicians in Argentina, Brazil, Panama, and Paraguay have become more amenable to Bitcoin and other cryptocurrencies.
- Tax incentives for Bitcoin mining using renewable energy sources are also proposed in the same measure. While the bill legalises cryptocurrency in Brazil, it also attempts to prevent money laundering, tax evasion, and other illegal actions involving cryptocurrency. Brazilian senators will vote on the proposed bill on the Senate floor in the near future.
Mexico and Brazil, two Latin American countries, have taken the first steps toward Bitcoin acceptance.
Latin America Is Becoming More Interested In Cryptocurrency
More Latin American governments are looking into regulating bitcoin. Since El Salvador made Bitcoin legal tender in September 2021, crypto awareness has grown in Latin American countries. Due to El Salvador’s influence and as a potential solution to inflation, politicians in Argentina, Brazil, Panama, and Paraguay have become more amenable to Bitcoin and other cryptocurrencies.
Mexico and Brazil have both released new updates this week. El Salvador in English said that Indira Kempis, a senator from Mexico’s Senate, plans to introduce a crypto bill similar to El Salvador’s Bitcoin law, which would make the top crypto asset legal tender in the country. Kempis has been pro-Bitcoin since she was elected to the Mexican Senate in 2018, the upper house of the Mexican Congress. It remains to be seen whether Kempis’ Bitcoin bill will receive enough support from other members of Congress. Mexico’s president, Andrés Manuel López Obrador, had publicly said four months prior that the country had no plans to adopt Bitcoin as legal cash.
Kempis isn’t the first politician in Mexico to advocate for the legalisation of Bitcoin. Eduardo Murat Hinojosa, a member of the Mexican Congress’s lower chamber, had earlier stated in a tweet from June 2021 that he would be supporting and presenting a legal framework for crypto currency.
Whether or not it becomes legislation, Kempis’ draught bill will almost certainly spark a debate among officials about Bitcoin’s place in the Mexican economy. Rather than making Bitcoin official cash, the Mexican government may decide to regulate the industry so that crypto companies can operate freely. Coinbase has allowed crypto users in Mexico to trade their crypto assets for Mexican pesos, demonstrating how the country’s crypto ecosystem is growing.
ALSO READ: El Salvador’s tourism soars by 30% amid Bitcoin adoption
First Bill To Make Bitcoin Legal Tender
While Mexico is preparing to introduce its first bill to make Bitcoin legal tender, another Latin American country, Brazil, is taking efforts to regulate the cryptocurrency industry. The Brazilian Senate’s Economic Affairs Committee advanced a 2019 bill on Tuesday that includes crypto asset legislation. According to an official release, the measure recognises and regulates the bitcoin industry. Tax incentives for Bitcoin mining using renewable energy sources are also proposed in the same measure. While the bill legalises cryptocurrency in Brazil, it also attempts to prevent money laundering, tax evasion, and other illegal actions involving cryptocurrency. Brazilian senators will vote on the proposed bill on the Senate floor in the near future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
