A Mexico Senator Says He Will Propose A Legal Framework For Cryptocurrencies In The Country’s Lower House

As Bitcoin (BTC) looks to become adopted by more and more countries all over the world, with El Salvador being the 1st nation to officially recognize the digital asset as legal tender a little while ago, others such as Argentina, the Philippines, and Paraguay have also expressed interest in adopting BTC. The latest country to join this list is Mexico.

To that end, one of the key senators of Mexico’s federal government, Eduardo Murat Hinojosa, stated that a new proposal should be submitted by him to the appropriate lawmakers soon. This proposal will contain the possibility of adopting Bitcoin for the nation. The senator later added that it is imperative that Mexico begin working on fintech and cryptocurrency sooner rather than later.

‘Laser eyes’

Much like Paraguay’s Carlitos Rejala, Hinojosa had also had his own profile picture be altered to add ‘laser eyes,’ which many consider as an indication for Bitcoin support. Hinojosa, therefore, stated that he is supportive of the usage of cryptocurrencies and that a proposal to make the crypto industry legal in Mexico is currently underway. Also, while the lawmaker would like to have as many cryptocurrencies be supported as possible, his primary attention remains on Bitcoin.

Hinojosa is not alone in his efforts either, as another senator by the name of Indira Kempis Martinez, who represents Nuevo León, had also added the ‘laser eyes’ to her own profile picture, thereby showing her support for the aforementioned proposal. Hinojosa had thus referred to Martinez as an important friend who is committed to the cause.

Greater cryptocurrency adoption in Latin America

Mexico is just the latest country in Latin America to join in on potentially adopting Bitcoin, with El Salvador being the initial participant, as previously mentioned. Carlitos Rejala had also implied that cryptocurrencies could indeed be linked to a project of great significance for increased innovation in Paraguay. He had since also stated that he desires Paraguay to be the next worldwide hub for cryptocurrency investors and is therefore working alongside prominent people in the country to make it happen.

Moreover, to address the elephant in the room, it is true that various Mexican cartels had indeed been utilizing cryptocurrencies to successfully launder funds as well as potentially commit other related crimes. Mexico’s Cyber Investigations Unit had claimed that it is currently difficult to take on this new challenge due to the lack of required resources.

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