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Cryptoactives in Mexico

In April, the Bitcoin, Mexico and the Digital Economy Forum was held in the Senate of the Republic with the objective of promoting the growth of crypto assets, especially Bitcoin.

At the event, the senator for the Citizen Movement Indira Kempis affirmed that a country that does not adapt to technology is left behind.

For her, popularizing the use of these technologies would generate opportunities, in addition to facilitating the reception of remittances from people who live in rural communities and who are outside the financial system.

The forum discussed the urgency of promoting a regulation that includes electronic payment fund institutions and crowdfunding companies, and that includes measures on taxes, data protection, identity theft, and cybersecurity.

There was also talk of expanding the Fintec Law, since the current one does not refer to issues such as bitcoin ATMs or licenses for asset operators, which inhibits investment and delays development compared to other countries.

For example, the United States since 2020 has authorized banking institutions to carry out operations and custody services with crypto assets.

In addition, several exchange, mining and related services companies are already listed on the stock exchange.

At the close of the event, a Bitcoin ATM was installed inside the Senate.

In this ATM you can make deposits, cash withdrawals, transfer funds, buy and sell digital currency.

In Mexico we only have 14 ATMs (6 in Tijuana, 5 in Mexico City and 3 in other cities), in the United States there are already more than 37,000. In Bogota there are 24; in Panama, 19; in Santo Domingo, 11; in San Juan, 11; in Buenos Aires, 10 and in São Paulo, 9.

Globally, bitcoin transactions have already surpassed the volume of operations of conventional payment systems such as PayPal.

In market capitalization they have already surpassed global companies such as Visa and MasterCard.

In Mexico, there are already more than 2 million exchange accounts on platforms such as Bitso, which is currently running a campaign that offers up to double-digit returns to those who use its app.

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