Last updated on January 2nd, 2018 at 12:00 am
A new cryptocurrency exchange and the opening of the Fundación Satoshi Nakamoto, the newest affiliate of the Bitcoin Foundation, have officially turned Mexico into a (even more) Bitcoin-friendly country.
“While governments around the world are trying to understand Bitcoin, Mexicans are using Bitcoin to purchase everyday necessities like food, clothing, and even healthcare”, the Bitcoin Foundation announced this week.
The organization praises the work of the Fundación’s team, especially the efforts of the president Raul Nogales. “The use of Bitcoin in México and worldwide is at an upward trend. The need for education, standardization, protection and promotion has become essential. We are really excited to establish Bitcoin Foundation México and eager to start working”, Nogales said.
Besides boosting the local economy, Bitcoin is equally important in Mexico within the global remittance market.
“In countries like Mexico where remittances often make up a large portion of a family’s income, Bitcoin empowers families simply by providing another cheaper, faster and more secure option for remitting funds”, said Jon Matonis, executive director of the Bitcoin Foundation, adding that “Bitcoin saves families money on hefty remittance fees that often include a base fee of US $5-10 and an additional percentage charge from 3-13%, per remit. Not to mention taking up to five business days to complete the remit in some cases”.
That is why Gabriel Miron, CEO and founder of Mexico’s first Bitcoin exchange, MEXBT, saw an opportunity in cryptocurrency. “We saw that there was a huge opportunity in Latin America, especially in Mexico. There’s money, there’s growth, so it could be a really interesting market for Bitcoin”, Miron recently said in an interview, quoted by Coin Telegraph.
He added that “remittance is a huge market. For example, 38% of the remittance market for the whole of Latin America flows through Mexico – $23 billion annually”.
And the Bitcoin Foundation agrees: “the most compelling social and economic benefit of Bitcoin is banking for the billions of unbanked people around the world. That includes providing more affordable and more efficient means of transacting internationally”.
Image from Wikimedia