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Mexico's 14th Bitcoin ATM Installed In The Country’s Senate Building

Reports said that Mexico's Senate building now houses the country's 14th Bitcoin (BTC) ATM, a sign of the country's increasing interest in Bitcoin.

It has been reported that 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).

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

The report said that 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.

Likewise, 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.

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, 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.

Thus, 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."

Source: Cointelegraph



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