Ripple Network Expands to Mexico With Addition of First Peso Issuer
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....
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Mexican Bitcoin Exhange Bitso has officially launched as the first Ripple Gateway in Mexico. Bitso will be the first issuer of Mexican Peso (MXN) balances on the Ripple Network. The company intends to use the unique characteristics of the Ripple network and protocol to tackle the remittance market between Mexico and the US. Bitso is a Mexican-based provider of cryptocurrency services, including remittance facilities and consultation. The company has offices in Mexico City, Puebla and Vancouver. The intention with becoming a Ripple gateway is to extend service offerings available to its....
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....
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....
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....
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....