• According to Senator, the Mexican President is considering making Bitcoin legal tender

  • Mexico has invited Blockstream’s former CSO to explore the potential use of Bitcoin as money.

    On Thursday, Samson Mow, the former CSO of Blockstream, detailed the Bitcoin adoption plans of three separate global governments. One of them is Mexico, where the country’s president has invited Mow to meet with him to discuss the idea.

    Bitcoin Adoption Is Spreading Globally

    Mow stated on stage at the Bitcoin 2022 conference how, after leaving Blockstream, he’s spent the last month working on “Bitcoin nation-state adoption.” He’s also founded a new Bitcoin technology firm called “Jan 3,” named after the date Bitcoin’s genesis block was created.

    During that period, the impact of the programming has spread to places like Prospera, a privately controlled emerging city on the Honduran island of Roatán. The city’s President, Joel Bomgar, stated that Bitcoin is legal tender in Prospera.

    “That implies there is no capital gains tax on Bitcoin, you may freely transact with Bitcoin, and you can pay taxes and fees to the jurisdiction in Bitcoin,” Bomgar stated.

    Furthermore, Prospera will allow other municipalities in Honduras, as well as corporations based outside of the United States, to issue Bitcoin bonds from inside Prospera’s authority. These will function similarly to El Salvador’s Bitcoin bonds, which were also developed in partnership with Samson Mow.

    Second, the Portuguese autonomous unit of Madeira intends to “adopt” the cryptocurrency. Following on from Bomgar, Madeira President Miguel Albuquerque told the crowd that he believes in the future, and specifically in Bitcoin.

    Albuquerque did not mention making Bitcoin legal tender, but he did say that Bitcoiners in his territory do not have to pay taxes when purchasing or selling the asset. He also indicated that he will keep working to create a “great atmosphere for Bitcoin.”

    Is Mexico Moving to a Bitcoin Standard?

    Senator Indira Kempis then stepped in to provide an update on Mexico’s Bitcoin adoption plans. Kempis stated last month that she wished to make cryptocurrency legal tender in Mexico, which is second only to El Salvador.

    Though the prospects were slim at the time, what she disclosed today makes such a move appear lot more likely. Relaying a message from the President to Mow, she stated that he would like to meet with the Bitcoiner to discuss making Bitcoin legal tender in Mexico.

    The senator has been working hard to pass legislation that would make financial inclusion and education a fundamental right for the Mexican people. She’s also been working to change legislation governing fintech and monetary law, which Mow refers to as “Bitcoin law.”

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