After China, Now it's Mexico's Turn to Ban Crypto - page 5.

cabron

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Quote from: Hamphser on June 30, 2021, 07:28:20 PM

Quote from: awakpane on June 30, 2021, 08:05:39 AM

After the Chinese government banned the use of cryptocurrencies a few weeks ago, the Mexican government is now banning the use of cryptocurrencies in the financial system.
https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

Will the ban have a negative impact on the future of crypto? there are already several countries that prohibit the use of cryptocurrencies.

Nothing is surprising in regarding to this one.!

Any country could really impose restrictions or bans whenever they do like and when it comes to crypto then it would be really on the hot seat where decentralization would always be a main issue on here.

If after China, Mexico would make such decision then for sure there would be some effects in market price as the situation gets worst but later on eventually it could really recover its price
which had been always the case on situations like these.

Idk, I'm surprised. Mexico banning BTC is unexpected, it's not what a country would do after suffering sanctions and poverty. I think their government will have to discuss it yet. This ban must be temporary and it will be regulated once the country's law is ruled out. Salinas must have woke them up when he spoke about more than 10% of his liquid asset is into cryptocurrency.

Countries from Central to South all have the same problem but now there is BTC as a solution to replace the peso, they chicken out.

Distinctin

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I understand that Mexico will make its move to ban the use of crypto because there are a lot of illegal activities on them and it possible to grow more if Bitcoin becomes legal. Because people had used this to hide what they are doing, and that even harder for the authorities to track them. For me, if this only coz the chaos, I have to ban crypto as well.
But what happened to China is a different situation, it is more in personal interest.

Hamphser

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Quote from: awakpane on June 30, 2021, 08:05:39 AM

After the Chinese government banned the use of cryptocurrencies a few weeks ago, the Mexican government is now banning the use of cryptocurrencies in the financial system.
https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

Will the ban have a negative impact on the future of crypto? there are already several countries that prohibit the use of cryptocurrencies.

Nothing is surprising in regarding to this one.!

Any country could really impose restrictions or bans whenever they do like and when it comes to crypto then it would be really on the hot seat where decentralization would always be a main issue on here.

If after China, Mexico would make such decision then for sure there would be some effects in market price as the situation gets worst but later on eventually it could really recover its price
which had been always the case on situations like these.

Kasabus

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Quote from: kaseygriffin on June 30, 2021, 07:08:17 PM

With news like this, not many people will see the market is changing so much and self-government intervention to control and prevent the loss of control over it from the governments of the countries.
However, I must admit that while it is not something new, the impact of such news is bad for the market in the short term.

Negative news like this will definitely affect the crypto but temporarily because in the long run, bitcoin will still exist as long as it remains to be decentralized and big institutions are now moving towards bitcoin.

For me, news about banning bitcoin is not new to us since most of the government are not adopting bitcoin yet. But who knows things might change in the future. As they say, bitcoin don't need countries while countries need bitcoin badly.

kurniawan05

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In Indonesia, Binance is also prohibited and even cannot be accessed in Indonesia, recently the UK also banned Binance's operations there, but I still believe that one day blockchain technology will be eyed by many countries.

https://www.inews.id/finance/keuangan/setelah-indonesia-inggris-larang-operasional-binance

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Quote from: awakpane on June 30, 2021, 08:05:39 AM

After the Chinese government banned the use of cryptocurrencies a few weeks ago, the Mexican government is now banning the use of cryptocurrencies in the financial system.
https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

Will the ban have a negative impact on the future of crypto? there are already several countries that prohibit the use of cryptocurrencies.

Technically, there's no harder impact since mexico isn't a big country who adopt crypto massively. However, negative outcomes will follow when FUD will spread worldwide because bigger investors will always rely on the news. When they found out and hear more bad things that's going to exist, they'll going to pull their asset out from crypto that's why it will make everything worst.

kaseygriffin

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With news like this, not many people will see the market is changing so much and self-government intervention to control and prevent the loss of control over it from the governments of the countries.
However, I must admit that while it is not something new, the impact of such news is bad for the market in the short term.

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Quote from: awakpane on June 30, 2021, 08:05:39 AM

After the Chinese government banned the use of cryptocurrencies a few weeks ago, the Mexican government is now banning the use of cryptocurrencies in the financial system.
https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

Will the ban have a negative impact on the future of crypto? there are already several countries that prohibit the use of cryptocurrencies.

So they didn't pass a bill or anything, they just said that crypto currencies are "banned". Do they even have a law or anything? All I can see is that guy was trying to say that you shouldn't use bitcoin because it isn't a legal tender. Not being a legal tender doesn't mean that it is illegal to use, right? They were also just warning people about how "risky" bitcoin investment is. So I am guessing crypto currencies are not regulated in Mexico and if you lose your coins, get scammed or anything happens, the government can't do anything.

Quote from: Mpamaegbu on June 30, 2021, 08:10:19 AM

Mexico is a poor country and her activities in the crypto space are inconsequential. How many crypto traders and miners do we even have in that country to start with? I don't see any ban from that quarters becoming an issue for the industry. We're worried about animals with horns, the snail shows itself, so to say. Do snails have horns? Does Mexico have horns? Does she have any strong statement to make in this industry? Nah!

I thought we wanted a "global" currency. If Mexico is excluded, its no longer going to be global.

Meta anggraini

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Quote from: awakpane on June 30, 2021, 08:05:39 AM

After the Chinese government banned the use of cryptocurrencies a few weeks ago, the Mexican government is now banning the use of cryptocurrencies in the financial system.
https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

Will the ban have a negative impact on the future of crypto? there are already several countries that prohibit the use of cryptocurrencies.

Its only a restriction of Cryptocurrency being used as a payment tools inside the country, its not a new thing, many country still only use their own fiat to do payment because they thing it could lead their fiat value to be decreased. Also, Mexico will not give a huge impact like China or US news.

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Quote from: jambul_kribo on June 30, 2021, 05:44:26 PM

Mexico crypto community as not big as China or other Asia countries, fud that come from this country only have small effect today. At this moment market confidence start to become positive after we heard some big finance institution and bank will allow their customer to buy bitcoin. Even China have decrease gradually.

As others have said, the impact coming from Mexico market is not that significant to influence the crypto market. Though based from statistics in 2020 - https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries/, Mexico has approximately about $23.47M of bitcoin trading, but as compared to other countries, it is quite small. However, this is unfortunate for Mexicans who are into crypto. But I am sure, they will find a way how to use their crypto by not alarming the government.

jambul_kribo

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Mexico crypto community as not big as China or other Asia countries, fud that come from this country only have small effect today. At this moment market confidence start to become positive after we heard some big finance institution and bank will allow their customer to buy bitcoin. Even China have decrease gradually.

pixie85

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Countries that ban bitcoin better have a backup plan like their own crypto or they're going to handicap themselves.

Digital money is the future and banks know it. It's either they want their centralized digital money and think bitcoin is a riak because it's already popular, or the country is in such shit that they can't really make their own crypto and are trying to do anything to stop the outflow of wealth.

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this news was not enough to market panic and as new trigger for bitcoin crash and create new low. from other side there are alot good news that should be trigger for bullish momentum. I am heard one biggest financial institution allowed their customers to buy bitcoin , with huge money managed it could drive bitcoin and altcoin price after really realized.

BIN-BIN

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Mexico’s crypto activities may not have much impact on cryptocurrency because of the country’s poor economic viability. I guess the Mexican government is afraid of crypto dominance in their economy so they have no choice but to ban it.

sunsilk

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Not just the future effect but most of these banning news are giving the effect immediately to the market. As they ban crypto, they don't know that there are still a lot of their people that are into crypto and they cannot stop it.

Just as the news about China's ban, there's no one that can stop crypto revolution. It's okay if they'll ban it but they'll never track those people who uses crypto unless they have that massive ban for those websites that are crypto related because their citizens can still use crypto online.

maxreish

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China has the most mining activity and even though Mexico has lesser crypto mining activity, the fact that another Country disregard and disallowed cryptocurrency from financial institution's usage and operation it will still reflect with the market's price.

Majority of them will be hesitant to use crypto on today, adoption has somehow lessen and other people will also become confused about crypto's reputation since Mexico decided to ban it.

apa don

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Quote from: bison on June 30, 2021, 01:33:09 PM

There will always be debates about the usefulness and legality of cryptocurrencies in different countries, and when a country is led by someone who doesn't like crypto, there will certainly be ideas to block all crypto assets, but on the other hand, I think many have benefited from crypto. the impact of the impending blocking would not last long.

Yes, that's right, there will be debates between various countries regarding the legality of cryptocurrencies,
but that is not a problem, because some of the countries we have seen, countries that think that cryptocurrency is not a legal medium of exchange in their countries.
maybe from there they banned a country in terms of cryptocurrencies.

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Quote from: tsaroz on June 30, 2021, 12:42:22 PM

I'd not call Mexico a poor and industrialized country as it's not. But it surely lacks the influence and surveillance capacity Chinese government has over it's citizens. It's not a new development but it has been such for years. The Minister was just reminding it as a bank claimed to accept crypto.
It may stop the bank from taking crypto but not the people. A ban as such aren't taken as seriously in Mexico and won't be enforced strictly. There would always be p2p market for crypto as well as centralized and decentralized exchanges.

Legalizing of bitcoin happened in many country,it help to rise in the price of bitcoin.When the investment of bitcoin was happened in a country with huge manner.Then the country will legalized the bitcoin and collected the taxes from the people,it's to develop the people.Some government will miss use the money too.

fvb

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I don’t know about Mexico, in the sense of what significance the ban might have on the future of cryptocurrencies. But China mattered a lot. And this was reflected in the price of BTC. On the other hand, perhaps this is a well-thought-out action and one should expect the price to rise to a new level in the future.

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There will always be debates about the usefulness and legality of cryptocurrencies in different countries, and when a country is led by someone who doesn't like crypto, there will certainly be ideas to block all crypto assets, but on the other hand, I think many have benefited from crypto. the impact of the impending blocking would not last long.

Topic: After China, Now it's Mexico's Turn to Ban Crypto - page 5. (Read 1030 times)