Mexican Central Bank Raises Rates to Counter Peso Slump: Opportunity for Bitcoin
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....
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Banxico, the Central Bank of Mexico, has announced it expects the development of its central bank digital currency (CBDC), the digital peso, to be completed in about three years. Victoria Rodríguez Ceja, the governor of Banxico, reported this before the Mexican Senate and added that the new currency should fulfill the three traits of money to create more financial inclusion.
Governor of Banxico Reports CBDC Advancements
Banxico has given a status update on its CBDC, the digital peso. The governor of Banxico, Victoria Rodríguez Ceja, informed that the bank had a rough....
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....
The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron.
MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso
The stablecoin and blockchain firm Tether has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso.
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The BoE has become the first major central bank to raise interest rates since the pandemic by hiking its basic rates to 0.25%.
Bitso a Bitcoin to Mexican Peso exchange, which uses the popular cryptocurrency to let Mexicans freely trade dollars and pesos in and out of Bitcoin. Donald Trump has been facing a lot of backlash over his idea to build a wall around Mexico to halt the remittances flowing from the US to this country. While it is evident Bitcoin can easily sneak around any artificial wall, Mexican Bitcoin startup Bitso raised US$1.85m to provide better remittance solutions. Attacking the remittance payment industry is never a smart idea, and Donald Trump will come to that realization at some point in his....