Bitcoin ATM installed in Mexico’s Senate Building

Bitcoin ATM installed in Mexico's Senate Building

The 14th Bitcoin ATM (BTC), located in Mexico’s Senate Building, is a sign that the country is increasingly interested in Bitcoin. With the support of many legislators, including Miguel Angel Mancera (head of the parliamentary section of the Party of the Democratic Revolution, PRD), the ATM was installed Tuesday.

Indira Kempis, Senator and crypto enthusiast, shared her excitement on Twitter. She stated that she was “for freedom, inclusion, and financial education in Mexico.”

Por la libertad, inclusion y educacion financiera en Mexico.#ToTheMoon @senadomexicano pic.twitter.com/QytQn58A3i
— Indira Kempis de I. (@IndiraKempis April 26, 2022

According to Coin ATM Radar data 13 ATMs were already in Mexico City, Tijuana and Cancun.

El Heraldo de Mexico reported that after the installation of the BTC ATM, the PRD representative stated that Bitcoin had already outpaced traditional payment systems such as PayPal, Visa, MasterCard.

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

In recent months, Mexico has shown a renewed interest in cryptocurrency. Triple A’s data on crypto ownership for 2021 shows that 40% of Mexican companies are interested in adopting cryptocurrency and blockchain in some way. 71% of these firms are focused on cryptocurrency use.

The information also shows that Bitso, Mexico’s largest cryptocurrency exchange, experienced a 342 per cent increase in trading volume for 2020. It also boasts over 1,000,000 users (92% of which are Mexicans).

According to Cointelegraph, Indira Kempis, a Nuevo Leon state senator, stated in February that Bitcoin should become a legal currency in Mexico. This is because it may increase financial inclusion around the globe. Ricardo Salinas, a billionaire and Bitcoin advocate, believes that it will be a “uphill struggle” to make this happen. His nation’s mentality, which is dependent on its fiat control (which he called “fiatfraud”), makes it difficult.

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