The Case for Merging Mexico's Peso With Block Chain Technology
A developing plan in Mexico to create a digital peso could demonstrate the potential of bitcoin technology to the rest of the world, if it's successful. After all, digitizing the currency would be just one part of a greater endeavor to adopt block chain technology into what the project's leader hopes might become a more transparent and trustful bureaucracy and democracy. The plans could have many far-reaching implications for the country's economic and political problems; namely, the remittances market, the tax process and the country's unbanked population. "I'm sure there will be a day....
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The government of Mexico is preparing for a potential economic fallout if Donald Trump is elected president of the US. According to the Governor of Mexico’s central bank, Agustín Carstens, economic officials are planning a contingency plan in case of an unfavorable US presidential outcome, that is, if Trump wins. This is due to a negative narrative against Mexico pushed by Trump on the campaign trail, and fears that his administration would be harmful to economic relations between the two bordering nations. Over the course of the election season, the Mexican Peso’s exchange rate with the....
Just a week ago, Filipino congresswoman Kimi Cojuangco introduced a bill in the Filipino House of Representatives that would create a government-backed digital currency that would serve as an official medium of exchange for domestic online payments. This digital currency, known as the "e-peso," was proposed as part of the E-Peso Act of 2014. The e-peso that would be at par with the country's official currency the Filipino Peso would be used as legal tender. Of interest to the bitcoin industry is that in its current form, the bill would require the Filipino central bank, the Bangko Sentral....
It was over a month ago that we last spoke about Bitso, Mexico's first bitcoin exchange. Today, the service has launched (in beta). As you can probably imagine, the exchange will allow investors to purchase bitcoin with the Mexican Peso and of course convert from bitcoin to Peso without hassle. "Bitso is passionate about the future of Bitcoin, and bringing to Mexico a safe, secure and easy to use platform for trade and remittance via this exciting new medium," the company said in a March announcement. Things are very much still getting started on the exchange, as expected. Most of the buys....
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....
Facing a weakening peso, Mexico raised interest rates on Thursday. Banco de Mexico, the nation’s central bank, raised its rate by half a percentage point to 4.25%, higher than projected. According to Jose Rodriguez, VP of Payments for cryptocurrency exchange Bitso, this is because the peso has fallen on hard times and is performing poorly against other currencies. He says: “Mexican peso has had one of the worst slumps, without having an internal financial crisis like in 1994 with the "Tequila effect". Becoming one of the worst performing currencies in the last months against....