The Mexican Senator is promoting the creation of a CBDC in the Latin American country

Mexican Senator Indira Kempis Martínez introduced an amendment to Article 22 of the Latin American country’s currency law to encourage the creation of a central bank-backed digital currency (CBDC).

The amendment adds the term “virtual assets” to the wording of Article 22, as well as the term “central bank digital currency”. so that the Department of Treasury and Public Credit can be authorized to replace the alloys of legal tender coins in Mexico.

The functioning of financial systems ‘They require the intervention of the Mexican state through the creation of laws, secondary regulations and above all through the creation of public policies that promote development and economic growth; the stability of the financial system and the protection of users”.explains the design.

“Mexican state intervention in the economy must be appreciated and embraced by the various legal actors as a natural and inescapable relationship to the discourses of human rights, competitiveness and development,” Kempis emphasizes, arguing that state intervention is necessary for Mexicans in financial systems.

The Mexican Senator is promoting the creation of a CBDC in the Latin American country
The Mexican Senator is promoting the creation of a CBDC in the Latin American country

The bill also outlines the need for the Mexican state to protect users from malicious service providers, whether intentional or not.

In the draft, Kempis describes how certain protocols like Bitcoin are decentralized, allowing anyone with a node to join the network and participate in its trusted security mechanism.

Nevertheless, the senator is quick to clarify that this decentralization is not necessary for any form of digital money.

“As for the protocols, the computers operating on the network that record the transactions of the street facilities must follow emission rules to limit the transactions, and these rules must be specified in predetermined protocols,” says the project. The Law. “There is a possibility that new computers could become part of the network. However, it is not a required feature,” concludes Kempis.

The foregoing is in contrast to Kempis’ position during the Bitcoin Conference Miami 2022, where he put forward his intentions to create a bill to make Bitcoin legal tender in Mexico.

Nevertheless, the senator responded to the concerns of some bitcoiners about this position crossing on her social network Twitter, pointing out that the proposed legislation is a necessary part for the larger goal of making bitcoin legal tender in your country.

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