Senator Kempis and Samson Mow join forces for Bitcoin legal tender in Mexico

Bitcoin as legal tender in Mexico could become a reality if Senator Indira Kempis and Jan3 CEO Samson Mow get their way.

April 26th, Senator Kempis tweeted a photo of himself with Moe, along with the text.

“probably nothing… #bitcoin fiat currency”

January 3rd A nod to January 3, 2009, when the BTC genesis block was created.company the purpose We will “fix the world” by accelerating hyperbitcoinization.

In April 2022, we signed a Memorandum of Understanding to develop a Bitcoin infrastructure in El Salvador. El Salvador is the first country to legalize BTC.

of development This includes consulting on Volcano Bonds and building Bitcoin City. Mow estimates it will take about ten years to complete.

Most recently, Mow spoke to Congress on Bitcoinization in Mexico.

mowing grass in mexico

At a recent press conference surrounded by members of the Mexican Congress, mow He talked about three avenues for “adopting a Bitcoin strategy.”

The first and easiest way is to add BTC to the national treasury, similar to how countries hold gold and foreign exchange reserve assets.

Another way is to issue BTC-backed financial bond products. Mow was not involved in the logistics, but it is assumed that the purchaser of the bonds will be entitled to pay Mexican US dollars and receive a refund.

The funds will be used to mine BTC by acquiring mining equipment and infrastructure. Proceeds generated are paid out to bondholders, while stockpiling extra coins in the process.

“Mexico is an energy-rich country and it is very easy to issue Bitcoin bonds. It will lead to mass accumulation of Bitcoin…”

Finally, Mow talked about legalizing Bitcoin as a legal tender, allowing unlimited use as a currency, adding that Senator Kempis has been working on this for several years.

Bitcoin Revolution in Latin America

The immediate aftermath of El Salvador passing its Bitcoin law in September 2021 has been hit by rumors of other Latin American countries such as Panama, Mexico and Paraguay.

However, Mexico’s statutory bid plan was blocked after the country’s central bank and financial regulator issued a joint statement rejecting the idea.

Despite setbacks, Senator Kempis has not been deterred in her efforts to establish Mexico as a fintech hub with BTC as legal tender. She drafted the bill through her democratic process and took it upon herself to endorse it.