Bitcoin ATM Installed in Mexican Senate Building

AnalysisBitcoin ATM Installed in Mexican Senate Building



Alex Dovbnya

A Mexican senator has helped to install a Bitcoin ATM in the Senate building in a bid to make the largest cryptocurrency legal tender

The Mexican Senate building now has its first Bitcoin ATM, which has been deployed by ChainBytes in partnership with Axolotl Bitcoin, according to a Wednesday press release.

The installation is supposed to bolster Mexican Senator Indira Kempis’s initiative to make Bitcoin an official currency in Mexico.

Kempis, an ardent cryptocurrency proponent, believes that Bitcoin brings financial freedom and inclusion. She hopes that lawmakers will be able to familiarize themselves with the largest cryptocurrency.

ChainBytes CEO Eric Grill claims that the installation of the first Bitcoin ATM in the Senate building is a historic moment for the country.

Her effort to make Bitcoin legal tender is unlikely to succeed. As reported by U.Today, Mexican President Andres Manuel Lopez Obrador definitely ruled out adopting Bitcoin as a means of payment.  

While millions of people don’t have access to the banking system in Mexico, adopting Bitcoin as another legal currency alongside the Mexican peso might end up being too disruptive for the country’s financial system.           

Earlier today, the Central African Republic officially announced that it had adopted Bitcoin as legal tender, becoming only the second country in the world to do so.

El Salvador, an impoverished country in Central America, adopted Bitcoin as legal tender last September. While its cryptocurrency gamble attracted international attention and helped to significantly boost tourism in the country, Bitcoin adoption has so far failed to take off. As reported by U.Today, businesses keep rejecting the top cryptocurrency despite the provision in the Bitcoin Law that requires them to accept it.
 



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