Bitcoin Ban in Mexico: Real or Not?
Rumors have been swirling that the Mexican government has imposed a bitcoin ban, thanks to an article on El Universal. The report indicated that the Mexican Tax Administration Services (SAT), which is the equivalent of the IRS in the United States, made a decision to ban cryptocurrency transactions. However, as blogger Victor Hernández wrote in a post, the bitcoin ban in Mexico does not encompass all transactions. The cryptocurrency can still be used for online transactions and for other establishments in the country, but large transactions that are suspected for money laundering are being....
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Mexico has seen modest Bitcoin market penetration so far but has also avoided any condemnation or over-regulation by government. Bitcoin is seen as a digital asset and is not illegal to use in Mexico. 7-Eleven stores have taken Bitcoin under agreement and merchants are starting to hear about Bitcoin and accept it in larger metropolitan areas. This has created fertile ground for growth and innovation, and the newest application in Mexico may be the best and most useful. Called Volabit, it brings debit card convenience to smartphones in Mexico, making Bitcoin as easy to use as a peso.....
“Cryptocurrency will have a huge impact on Latin America. The most obvious impact for Mexico is the lower of costs to send money to and from the United States which is one of the most powerful remittance corridors in the world.Bitcoin is just the beginning of new opportunities in the digital currency realm.” – Jesse Heaslip, BEX CEO The above quote pretty much sums up why Mexico especially is in such need of cryptocurrency integration. This is where CoinBatch comes in, a company that allows you to exchange Bitcoins, and is planning on having their own ATM network as well. To start we are....
Bitcoin enthusiasts suggest the use of BitcoinCT r: 8 in settling remittances between the U.S and Mexico after Trump’s proposal to build a wall between the two countries will have been realised. On April 5, Billionaire real estate tycoon and Republican front runner Donald Trump unravelled his plans to compel Mexico pay US$5 to US$10 billion for the border wall between the United States and Mexico which Trump aims to build at the start of his presidency. One major issue which Mexico could face upon the creation of Trump’s border wall is a substantial damage to the country’s economy or gross....
Mexico-based airlines TAR Aerolineas has become the first in Latin America to accept bitcoin payments. The airliner will accept payments in the digital currency following a partnership between Openpay - a Mexico-based payment service provider - and payment processor BitPay. In a statement, Jose Calzadias, commercial manager at TAR, said that the company, which serves 12 destinations throughout Mexico, would continue to evaluate payment options that give
Cinco de Mayo 1862 - Mexico's army came to an unlikely victory over the French at the Battle of Pueblo. Today, Mexico's army of Bitcoiners are fighting to revolutionize the financial system. Mexico is a key market for Bitcoin because Mexico is the fourth largest destination for remittance payments, totaling about 22 billion USD in 2013 according to the World Bank. Currently remittance payments are packed with fees in all parts of the process; using Bitcoin can drastically reduce these fees. Remittance payment fees from the US to Mexico are some of the lowest in the world. Fees of payments....