The Mexican government has made another move towards nationwide crypto integration. On April 26th, the Mexican senate got a BTC ATM of their own—the country has previously installed 13 Bitcoin ATMs in 7 different cities.
Indira Kempis, a Mexican senator and huge proponent of cryptocurrency, spoke happily to the public, lauding the decision as a smart move towards “financial freedom, inclusion and education in Mexico”. In advance of the move, the Senate ran a series of forums to discuss the need for a legal framework related to crypto, and it seems that the majority are convinced, especially considering that Bitcoin transactions have surpassed popular payment systems like PayPal.
In Search of a Modern Alternative
Ricardo Monreal, the president of the Mexican Senate’s Political Coordination Board, claimed that at least 67 million Mexicans are unable to access banking services. He further highlighted that neighbouring countries like Brazil, Panama, Chile and Argentina have already started pushing bills related to cryptocurrencies, particularly emphasizing timing to be of maximum importance as there have been over 62 million transactions already made by more than 100 million accounts.
The new Bitcoin regulation laws in Mexico may not only be beneficial for those who cannot access traditional banking, but could also give Mexico the ability to boost confidence levels in rapid worldwide financial competition, as the neighbouring United States is already working towards the creation of its own digital dollar. The total number of Bitcoin ATMs worldwide now totals nearly 37,000, with 686 of them being built in March alone.