Bitcoin is still bearish, but Mexico and Russia aim for adoption

This may not be the best time for crypto, but that doesn’t mean everything is bad. Despite the current bearish market, Mexico and Russia are working on new laws to embrace BitcoinBitcoin is the first decentralized digital currency. It was created in 2009, by an anonymous founder or group of founders... More inside their territories. At the same time, a recent survey revealed that around 80% of people in different countries wouldn’t disagree to make Bitcoin legal.

During the last seven days, Bitcoin (BTCAn abbreviation for Bitcoin.) lost about 4%, while the whole crypto market cap decreased by over 3% [CoinMarketCap]. The first cryptocurrencyA digital currency running on a blockchain and built with cryptography. Contrary to central-bank issued currency, cryptocurrency issuance rules are... is currently swinging between $19,000 and $21,000 per coin. However, some analysts are predicting a bottom of $15,000 soon. The Crypto Fear & Greed Index is still in extreme fear, showing pessimism by the community.

On the other hand, some whales (like MicroStrategy and El Salvador) are taking advantage to increase their BTC reserves. And countries like Mexico and Russia are considering the potential of cryptocurrencies. This same week, Mexican Senator Indira Kempis proposed a bill to make Bitcoin legal tender in her country.

The document highlights how 56% of the Mexican population lack bank accounts, which excludes them from the traditional financial system. To addressAn address is a blockchain equivalent to a bank account number in the traditional financial system, or an email address.... More this problem, Senator Kempis proposed that Bitcoin needs to be considered legal tender inside Mexico. This, despite the opposition by their central bank.

She argued:

“Approximately half of Mexicans are excluded from the financial system, which generates a problem of important magnitude in our country (…) It’s necessary to carry out actions so that, with the use of technology, financial inclusion can be promoted and guaranteed.”

After this, Congress in Mexico must vote in favor or against the Bitcoin bill. Next, if approved, it should be promulgated by the Executive. There’s still a way to go for that, though.

Beyond Mexico, Russia goes for Bitcoin

Meanwhile, Russia wants to legalize Bitcoin mining and even crypto payments, only if they don’t touch the local economy. According to a recent statement by Kirill Pronin, head of Bank of Russia’s Financial Technologies Department, they’d agree to embrace Bitcoin mining, only if the profits from it are sold in foreign lands.

So, in theory, the miners would be allowed to work in the country, but they’d need to convert the coins to fiat by using international services. For her part, the central bank governor Elvira Nabiullina declared that crypto payments could be allowed too, only if they don’t “penetrate” the Russian financial system.

In addition, we must say that Mexico and Russia may not be alone in their Bitcoin initiatives. A recent study by The Economist surveyed 3,000 people across eleven countries about the crypto industry. The participant nations included the USA, the UK, France, South Korea, Australia, Singapore, Brazil, Turkey, Vietnam, South Africa, and the Philippines. The results showed that around 80% wouldn’t go against Bitcoin as legal tender (with 37% agreeing and 43% neutral). This may be a nice glimpse into the future.

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