The 14th Bitcoin (BTC) ATM is now installed in the Senate building of Mexico. As of Tuesday, the installation of the ATM was done with the support of various legislators. The Head of the parliamentary group of the Party of the Democratic Revolution (PRD), Miguel Angel Mancera, was among the supporters.
Indira Kempis, senator and crypto enthusiast, was quite excited about the development and shared the same on Twitter. The tweet translates to: “for freedom, inclusion and financial education in Mexico.”
The country has 13 such ATMs installed in different cities: Aguascalientes, Cancún, Guadalajara, Mexico City, Tijuana, San Miguel de Cozumel, and Culiacán, as per the data from Coin ATM Radar.
According to the PRD representative, Bitcoin has already outperformed the transaction volume of payments generated through traditional payment systems such as Visa, PayPal, and MasterCard.
Over the recent months, the interest in cryptocurrency in Mexico has increased. 40% of Mexican firms have shown interest in adopting blockchain and cryptocurrency in some form, according to Triple A’s crypto ownership data for 2021. Moreover, 71% of this group is focused on the usage of cryptocurrency.
Moreover, Bitso, the major crypto exchange in Mexico, witnessed a 342 percent rise in trading volume in 2020. In addition, the exchange caters to more than 1 million users, among which 92% are Mexicans.
Indira Kempis, Nuevo León state senator, in February is quoted saying that she is in favor of the legalization of Bitcoin in Mexico as its usage would be helpful in expanding financial inclusion around the world. Ricardo Salinas, an advocate of Bitcoin and billionaire, says it’s going to be an “uphill battle” to work this out because his nation believes in fiat dependency, which he calls “fiat fraud.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.