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- El Salvador has accomplished several incredible things, like onboarding more Bitcoin users in less than a year. Over three million El Salvadorians now have an active crypto wallet.
- El Salvador has already received an investment pledge from JAI Energy, Wyoming’s largest mining business, and is currently in discussions with Dubai MPs on Bitcoin adoption problems.
- Accounting for nearly half of the country’s total population roughly 1.3 million more people than have traditional bank accounts. The senator from Nuevo León views this as a way for Mexico to save millions of dollars in foreign transfer fees while also attracting investors.
Following the apparent success of El Salvador’s president, Nayib Bukele, in legalising Bitcoin, a Mexican senator now wants the same for her country. Senator Indira Kempis Martinez, 39, is slated to become the first Mexican senator to campaign for Bitcoin’s mainstream adoption, citing El Salvador’s historic successes as her inspiration.
1.3 Million More People Than Have Traditional Bank Accounts.
El Salvador has accomplished several incredible things, like onboarding more Bitcoin users in less than a year. Over three million El Salvadorians now have an active crypto wallet, accounting for nearly half of the country’s total population roughly 1.3 million more people than have traditional bank accounts. The senator from Nuevo León views this as a way for Mexico to save millions of dollars in foreign transfer fees while also attracting investors. El Salvador has already received an investment pledge from JAI Energy, Wyoming’s largest mining business, and is currently in discussions with Dubai MPs on Bitcoin adoption problems. President Bukele had also launched preparations to use geothermal energy from a dormant volcano to treble El Salvador’s energy capacity in order to expand mining operations.
Regardless of its accomplishments, the young and Bitcoin-friendly leader has faced a bombardment of international financial regulatory authorities’ accusations. The IMF had previously advised that authorities should reduce the scope of the Bitcoin law by removing Bitcoin’s legal tender status. It believes that adopting a cryptocurrency as legal money. implies considerable risks for financial and market integrity, financial stability, and consumer protection. Furthermore, a large portion of its 1,800 BTC holdings is being held underwater. Senator Kempis is unfazed by the current state of affairs or regulatory restrictions. Beyond the potential of Bitcoin, Kempis’ attitude to it appears to be based on global perception and localised pride. According to reports, she said:
The fact that this type of endeavour is being carried out in a Central American country is a historic opportunity. Every time El Salvador was discussed, it was always to solve concerns of migration, violence, and organised crime, but now the world’s gaze is on this tremendous call at a global level with bitcoin, not on those public problems.
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3.1 Million Mexicans That Own Or Trade Bitcoin And Other Cryptocurrencies
Financial exclusion is one of the public concerns that few of us have addressed with viable alternatives, and this type of technology is allowing us to generate an alternative so that millions of individuals can be included in the financial system, says the author. There are currently approximately 3.1 million Mexicans that own or trade Bitcoin and other cryptocurrencies, accounting for 2.5 percent of the overall population.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
