Bitcoin Remittances to Mexico See Huge Potential
Companies and services using Bitcoin are poised to rise to the top of the US to Mexico remittance industry, Mexico's second largest industry. Many experts stated in an interview with CoinTelegraph that the market has huge potential to make cross-border money transfers simpler and cheaper which will save millions of dollars for Mexican people and the economy. The remittance corridor between the USA and Mexico is currently the biggest and most competitive in the world attracting more and more remittance providers every year. Remittances sent to Mexico from the United States by emigrants....
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As Trump Targets Mexican Remittances, It’s Time for Mexico’s Government to Get Serious about Bitcoin
No country had more to lose from Donald Trump’s presidential victory than Mexico, an economy that heavily relies on remittances from the United States. Mexico received $24 billion in remittances in 2015, the country’s largest source of currency after direct investment. The Mexican government has been bracing for this blow and has taken steps to shore up its finances. The impending fallout should give the Mexican government reason to pay more attention to progressive cryptocurrency regulation, considering Mexicans working in the U.S. will have limited recourse for sending money back to....
Puebla, Mexico-based digital currency exchange Bitso has launched a Ripple gateway for the peso to allow remittance capabilities to its customers. Bitso's establishment as an entry point into Ripple's peer-to-peer network means that its customers will be able to more easily transfer pesos, US dollars and BTC across borders. The company's co-founder and CTO Ben Peters said: "We are committed to developing the infrastructure required to revolutionize the incumbent remittance ecosystem in Mexico, harnessing the transformative innovations of cryptocurrency." Remittances. Since Mexico is the....
Last week, President Donald Trump signed an executive order to build a wall along the U.S.–Mexico border as he had promised during his presidential election campaign. Aside from the ethical and practical issues of building the border wall, the issue of how it will be financed was also raised by opponents during his campaign. Trump’s proposed solution to funding the wall is either to heavily tax U.S.–Mexico remittances or to fully prohibit them altogether, so that the funds needed to build the wall will stay in the U.S. According to the World Bank, U.S.–based Mexican immigrants send around....
Mexico’s biggest cash cow is under siege as Donald J. Trump threatens to tax or halt remittances to the country in order to pay for his border wall. Western Union Shares Dive. Following Trump’s executive order to start building the southern border wall issued on Wednesday, markets are already taking into account the possibility of a tax on remittances from the U.S. to Mexico. This is already being felt by such remittance giants as Western Union whose shares dropped 2.44% today. As a whole, the legacy remittance industry has been facing increasing competition from fintech and money transfer....
LaBITconf, the Latino American Bitcoin Conference, sets roots in Mexico City on December 4-5, bringing Bitcoin pioneers to a remittances and eCommerce gold mine. Mexico is often heralded as a diamond in the rough when it comes to eCommerce and fintech innovation. In 2014, eMarketer forecast that. "between 2014 and 2018, smartphone users will grow from 24.0% to 40.0% of Mexico's overall population." To put that in perspective, "Less than a quarter of Brazilians and Argentinians use smartphones, while in Chile and Peru the numbers drop to less than one fifth. In the U. S,. smartphone....