Bitcoin has a strong ally in Mexico. The crypto must be accepted as a legal tender, a Mexican senator said.

Senator for the state of Nuevo León, Indira Kempis, is certain that Bitcoin must be recognized as legal currency because its implementation might promote worldwide financial inclusivity. The bill’s provisions are motivated by the obstacles Mexican residents face in gaining access to financial goods and education.

There are, however, a few kinks to smooth out. The Central Bank of Mexico, for instance, has blocked the inclusion of the crypto into the country’s financial framework. According to the senator, the fact that more than half of the Mexico’s population lack a formal savings account basically boils down to a lack of trust and appreciation in banking institutions, preventing this segment of the population from having access to a formal financial instrument for savings.

“This type of technology enables us to develop an alternative so that millions of individuals can participate in the financial system,” the senator explained. “Bitcoin must be recognized as legal tender in Mexico, because if it is not, and if we do not make the same choice as El Salvador, it is extremely difficult to take action,” she pointed out. In January of this year, the Central Bank of Mexico (CBM) said it was developing its own central bank digital currency, the digital peso (CBDC).

It is anticipated that the Mexican CBDC will be in circulation by 2024 in order to assist Mexicans in gaining access to financial services and cryptocurrencies like Bitcoin.