With nearly 128 million residents and a thriving tourism industry, Mexico seems like a market that is ripe for Bitcoin adoption. Over the last couple of years, there has been a keen interest in the cryptocurrency markets among tech-savvy Mexicans, but an influential Senator believes that the time has come to establish a legal framework for Bitcoin.

According to Senator Eduardo Murat Hinojosa, financial technology is here to stay, and he would like to move on from traditional banking system to something more advanced such as decentralized finance (DeFi) platforms. On Twitter, Senator Murat posted a meme-like image of himself with laser eyes; this was a playful hat tip to the cryptocurrency community, which happens to be very fond of memes. Interestingly, other Senators and junior lawmakers followed suit with their own version of laser eye memes, thus signaling their support. Mexico could very well lead the way in North America if this proposal is passed because Canada and the United States seem to be dragging their feet at their respective federal levels.

Along with Brazil, Mexico is at the forefront of this movement in Latin America, with the country's digital currency scene currently seeing a lot of new and exciting businesses opening up in this booming market. If you're planning to open up a new venture, the government's recent announcement may seem like an eye-opener: Bitcoin startups will be allowed to operate openly, and businesses can accept payment in Bitcoin through any company using Mexico's official electronic payment services such as Pexa.

In July of 2014, Mexican authorities passed the final regulation allowing Bitcoin companies to operate. After successfully implementing this law, it took just over a year for its implementation to come to fruition, with over 500 new Bitcoin companies established. One of the biggest examples of this was the Mexican bitcoin exchange BitX, which quickly gained a large following among the country's technology enthusiasts, and quickly established itself as one of the country's leading Bitcoin companies. BitX is the first and only legal Bitcoin exchange that has taken their service to the highest level for digital currency traders in Mexico.