Now Mexico is Catching Bitcoin Fever as Peso Plummets
Trading volumes continue to break records in Mexico as citizens look for ways to escape Peso inflation, lack of financial services and the recent 20% gasoline price hike. Mexico Wants Bitcoin. Just last month, Mexican exchange Bitso reported record-breaking trading volume in the BTC/MXN market. Fueled by the recent BTC price surge and the economic uncertainty that rules the country, citizens are turning to Bitcoin as a means to protect their savings from the peso’s steady decline, which has been ongoing for the past three years. CEO Pablo Gonzalex noted the surging volume in a tweet, 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....
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....
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....