Trump’s Mexico Feud Creating a Perfect Storm for Bitcoin Remittances
Mexico’s biggest cash cow is under siege as Donald J. Trump threatens to tax or halt remittances to the country in order to pay for his border wall. Western Union Shares Dive. Following Trump’s executive order to start building the southern border wall issued on Wednesday, markets are already taking into account the possibility of a tax on remittances from the U.S. to Mexico. This is already being felt by such remittance giants as Western Union whose shares dropped 2.44% today. As a whole, the legacy remittance industry has been facing increasing competition from fintech and money transfer....
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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 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....
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....
As Trump Targets Mexican Remittances, It’s Time for Mexico’s Government to Get Serious about Bitcoin
No country had more to lose from Donald Trump’s presidential victory than Mexico, an economy that heavily relies on remittances from the United States. Mexico received $24 billion in remittances in 2015, the country’s largest source of currency after direct investment. The Mexican government has been bracing for this blow and has taken steps to shore up its finances. The impending fallout should give the Mexican government reason to pay more attention to progressive cryptocurrency regulation, considering Mexicans working in the U.S. will have limited recourse for sending money back to....
President Donald Trump earlier this week signed an executive order to start building a wall on the U.S – Mexico border, fulfilling the promise he made during his presidential campaign. He has also threatened to halt or tax remittances from the U.S. to Mexico to help pay for the wall; a move which could potentially boost interest in Bitcoin. Trump’s Wall....