Peso Weakens as Trump’s Odds Improve, Mexico Needs a Politically Neutral Currency Like Bitcoin
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....
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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....
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....
Bitcoin could soon come to the rescue of millions of Mexicans if the Trump administration’s proposed crackdown on remittances becomes law. Digital currency exchanges in Mexico are thriving and ever-increasing trade is being witnessed. As early as May, the President-Elect’s campaign signaled its intention to stop more than six mln undocumented Mexicans in the U.S. from sending money home. Informal economy for remittances. The remittance funds kept in the U.S., as Bloomberg points out, would be tantamount to making Mexico pay for Trump’s long-touted border wall. “I would risk stuffing money....
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....
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....