Bitcoin ATM installed in Mexico's Senate Building

Published at: April 27, 2022

Mexico's Senate building now houses the country's 14th Bitcoin (BTC) ATM, a sign of the country's increasing interest in Bitcoin. The ATM was installed on Tuesday with the support of several legislators, including Miguel Angel Mancera, head of the parliamentary group of the Party of the Democratic Revolution (PRD).

Senator and outspoken crypto enthusiast Indira Kempis shared her excitement at the development on Twitter, stating that it was "for freedom, inclusion and financial education in Mexico."

Por la libertad, inclusión y educación financiera en México.#ToTheMoon @senadomexicano pic.twitter.com/QytQn58A3i

— Indira Kempis de I. (@IndiraKempis) April 26, 2022

According to Coin ATM Radar data, the country already had 13 such machines in Mexico City, Tijuana, Cancún, Guadalajara, Culiacán, San Miguel de Cozumel and Aguascalientes.

After the BTC ATM was installed, a local news report from El Heraldo de Mexico stated that the PRD representative noted that Bitcoin has already surpassed the transaction volume of payments made through traditional payment systems like PayPal, Visa and MasterCard.

Related: Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrencies

Mexico's interest in cryptocurrency has picked up momentum in recent months. According to Triple A's crypto ownership data for 2021, 40% of Mexican firms are interested in adopting blockchain and cryptocurrency in some manner. Of this group, 71% are concentrated on cryptocurrency usage.

Furthermore, the information shows that Mexico's major cryptocurrency exchange, Bitso, saw a 342 percent increase in trading volume in 2020. The exchange also has over 1 million users (92% are Mexicans).

In February, as reported by Cointelegraph, Nuevo León state senator Indira Kempis stated that she is confident that Bitcoin should be a legal currency in Mexico because its usage may help expand financial inclusion across the world. However, billionaire and Bitcoin advocate Ricardo Salinas believes accomplishing this will be an “uphill battle" because his nation's mentality is too dependent on its fiat control, which he referred to as "fiat fraud."

Tags
Adoption
Bitcoin
Regulation
Bitcoin Regulation
Cryptocurrencies
Mexico
Related Posts
India’s top payment firm Paytm reportedly considers Bitcoin services
Paytm, India's leading digital payments company, has said Thursday that it would consider Bitcoin services if the country's regulatory framework for cryptocurrencies was more definite. Speaking to Haslinda Amin and Rishaad Salamat during an interview on Bloomberg TV, Paytm's Chief Financial Officer Madhur Deora stated that the rules surrounding Bitcoin (BTC) remain in a “grey area” in India. “Bitcoin is still in a regulatory grey area if not a regulatory ban in India. [...] At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we …
Adoption / Nov. 4, 2021
‘I'm a huge believer in crypto technology,’ says former US SEC chair
Former chairman of the U.S. Securities and Exchange Commission, or SEC, Jay Clayton, was appointed by ex-President Donald Trump to serve in 2017. In his tenure as head of the SEC, Clayton often defended Bitcoin (BTC) as a store of value. This past Wednesday, during an interview with CNBC's Squawk Box show, Jay shared his thoughts on cryptocurrency and how it should be regulated going forward. The former SEC chair said that he is a “huge believer in crypto technology” and that its efficiency advantages in the financial system and tokenization are enormous. "I am a huge believer in this …
Adoption / Dec. 16, 2021
Russia to decide between blanket crypto ban and legalizing exchanges in 2022
On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume of transactions. If enacted, the move would align with remarks made by Russian President Vladimir Putin last month, who stated that cryptocurrencies "bear high risks" at an investment forum in Moscow. The nation's central bank is currently preparing an advisory report on the issue. However, Anatoly Aksakov, chairman of the Duma [Russian Parliament] Committee on Financial Markets, gave the …
Adoption / Dec. 16, 2021
What should the crypto industry expect from regulators in 2022? Experts answer, Part 1
Yat Siu of Animoca Brands Yat is the co-founder and executive chairman of Animoca Brands, which delivers digital property rights to the world’s gamers and internet users, thereby creating a new asset class, play-to-earn economies and a more equitable digital framework contributing to the building of the open Metaverse. “Regulation will start to become more defined in 2022, although how, exactly, remains to be seen. 2021’s milestone was probably the substantial growth in public awareness of blockchain — Collins Dictionary even declared ‘NFT’ the word of the year.” These quotes have been edited and condensed. The views, thoughts and opinions …
Decentralization / Jan. 8, 2022
Industry experts weigh in on SEC hiring more crypto cops
The United States Securities and Exchange Commission (SEC) is seeking to hire more people to focus on digital assets, raising the number of personnel charged with safeguarding investors in cryptocurrency markets almost twofold. The SEC's Cyber Unit, which comprises the Crypto Assets and Cyber team, is expected to hire 20 new people to increase the overall force to 50 dedicated positions, as reported by Cointelegraph on May 3. This development comes as the regulatory body attempts to keep up with the rise in the popularity of virtual assets. The SEC's decision to expand its cryptocurrency unit has been praised by …
Adoption / May 11, 2022