Topic: After China, Now it's Mexico's Turn to Ban Crypto - page 6. (Read 1066 times)
Mexico is an emerging economy and significantly speaking the impact is smaller than China, but it's still bad news. This behavior of banning cryptocurrencies only accelerates its adoption. If there are moves by governments to ban cryptocurrencies, it means that this is one of the last resources to limit people's drive for freedom. Either way it's a futile effort, nothing will stop people from continuing to do deals with cryptocurrencies.
I'm not surprising such ban evasion over Crypto. what I believe these countries wants to get attention but literally got no attention and sounded like an absolute idiot. This will help bitcoin a lot, keep getting more attention lol. Here, I would say that's great news!! Every ban helps to boost of crypto.
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.
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.
What this news is trying to say is the government of Mexico will not see bitcoin as a coin, for them bitcoin is a digital asset, and that means bitcoin can be used as an investment tool, but isn't money, and you can't make payments with it.
This is correct, but it's still a form of ban/regulation, though it's not an outright ban just like the one issued in Nigeria, were Nigerians are allowed to hodl and use crypto, but banks aren't allowed to process or mediate in crypto transactions, either through buying or receiving funds from crypto directly through exchanges, making P2p TX's the only way to buy crypto in Nigeria.Mexico's ban takes a different dimension and it affects Bitcoin's mainstream adoption, cause citizens of Mexico are now restricted from utilizing Bitcoin as a currency and can only prolly hodl it and change it to fiat whenever they want to spend their funds, it's still basically down to the government being obsessed with control, Bitcoin gives freedom, thus we never expected governments to accept it.
I don't understand why more and more countries are trying to hinder, prohibit crypto, fear that people may become financially independent? Mexico is a poor country should instead favor cryptocurrencies that bring enormous wealth should follow the example of El Salvador
A poor and unindustrialized country like Mexico should have made the opposite move regarding cryptocurrencies. Banning cryptocurrencies will not do any good for Mexico. I don't think it will have a big impact on the market.
I can understand why the big states are against it, but I think the small states are making mistakes with these decisions.
I can understand why the big states are against it, but I think the small states are making mistakes with these decisions.
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.
What impact is going to happen due to this ban? Actually I don't know the ban is from their central bank or from the government itself because most of the time government allows the cryptocurrency usage but not as legal tender while their central bank freeze accounts which are related to cryptocurrency transactions.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.
regarding the prohibition. I'm sure they are afraid of money laundering in their country which is very likely to use crypto. even if regulations enforce crypto as an investment asset it is still considered a threat to certain countries. because their government is not ready to handle problems that may occur.
Countries That Say No to Bitcoin:
1. China
2. Russia
3. Vietnam
4. Bolivia, Columbia, and Ecuador
5. Mexico
1. China
2. Russia
3. Vietnam
4. Bolivia, Columbia, and Ecuador
5. Mexico
You are wrong guys, bitcoin is banned from the financial system but that doesn't mean the Mexicans can't use cryptos.
What this news is trying to say is the government of Mexico will not see bitcoin as a coin, for them bitcoin is a digital asset, and that means bitcoin can be used as an investment tool, but isn't money, and you can't make payments with it.
Mexico has Bitso, and that's the biggest exchange in Latin America, and for those who think Mexico is a poor country let me tell you how it has some big whales. Carlos Slim is one of them.
What this news is trying to say is the government of Mexico will not see bitcoin as a coin, for them bitcoin is a digital asset, and that means bitcoin can be used as an investment tool, but isn't money, and you can't make payments with it.
Mexico has Bitso, and that's the biggest exchange in Latin America, and for those who think Mexico is a poor country let me tell you how it has some big whales. Carlos Slim is one of them.
That doesn't seem to be a news that was giving a long term impact. There are more countries started to consider bitcoina as legal tender and this is the process for the countries to be started to consider bitcoin.
This is just a common thing when the regulators getting threatened caused by bitcoin can disrupt the centralized traditional financial system. We will see another good and bad stories will be coming again very soon.
I hope that we will see more countries will try to think to make bitcoin as their legal tender. The impact from this news just temporary
This is just a common thing when the regulators getting threatened caused by bitcoin can disrupt the centralized traditional financial system. We will see another good and bad stories will be coming again very soon.
I hope that we will see more countries will try to think to make bitcoin as their legal tender. The impact from this news just temporary
It will give only a short term impact to the price and it looks like the latest dump caused by this news. I guess the market can sustain from the dump and it looks like this dump will have passed by bitcoin easily. Mexico was not so big like china and i think that some people may feel panic but bitcoin is too strong for that news right now.
The ban means nothing for the decentralization. Those countries will know what will be the power of decentralization
no need to worry with mexican banning crypto in their financial system , today we have several good news market which is could drive bitcoin or altcoin price start tommorrow. i heard Germany will allowed 4000 investment fund which is managing 1,8 trilion to invest in crypto market with limitation 20%. If this is started by tommoro i am pretty confidence it will bring alot positive impact to bitcoin price. If compared with Mexico fud , this news should get more attention. The ban means nothing for the decentralization. Those countries will know what will be the power of decentralization
well, that's probably the reason why the bitcoin price is down at the moment. anyway, why are these people taking turns getting banned, while many others are starting to see this development as extraordinary. well, but this has already happened. I hope no one else gets banned like this, because it has a small impact.
It will give only a short term impact to the price and it looks like the latest dump caused by this news. I guess the market can sustain from the dump and it looks like this dump will have passed by bitcoin easily. Mexico was not so big like china and i think that some people may feel panic but bitcoin is too strong for that news right now.
The ban means nothing for the decentralization. Those countries will know what will be the power of decentralization
The ban means nothing for the decentralization. Those countries will know what will be the power of decentralization
Quote
Those bans are not expected to be lifted in the short term, Herrera said during a presentation to the Financial Action Task Force, a global anti-money laundering group.
Short term, he said. So how about long term? Will Mexican government change their mind and cryptocurrency will be unbanned then go to legal tender in Mexico?In addition, don't care about news from small nations, negative or positive. In bull market, news from small nations bring more hype. In bear market or accumulation, negative news from small nations make you more hesitating to accumulate discount crypto.
Small nations in this post are about their positions in cryptocurrency world.
In fact, isn't Mexico a country that is planned to be a Bitcoin mining country that uses solar power? I don't think this news can fully be used as a reference to draw conclusions from one party only. Moreover, the news does not have references from many sources. One article or one statement is not enough, so it took us almost a long time to find the truth of your information.
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.
I'm curious how long Mexico will be banned for crypto there...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.
mexico is 100 steps behind el salvador which has made bitcoin as a legal tender. Following in China's footsteps will only make their country worse off in poverty.
China is making silly decisions. Even today, they are being crushed against the dollar. But they still oppose bitcoin. Most of the Bitcoin miners went to America. America wants it too. China is making the wrong plan.
more and more countries are violating crypto. not just industries that are banned in their country. but there is a prohibition related to crypto ownership. this is really annoying.
although the impact doesn't seem that big, I like to see an attempt to lower the price of bitcoin which is above the cloud
we saw bitcoin hit ATH this year, and some governments might not like it because of the overwhelming news back then. more and more people are getting attracted to and getting into crypto market investing and leaving the stock market.
Mexico is a small part of the crypto market. I'm sure the impact won't be as strong as that made by China.
although the impact doesn't seem that big, I like to see an attempt to lower the price of bitcoin which is above the cloud
we saw bitcoin hit ATH this year, and some governments might not like it because of the overwhelming news back then. more and more people are getting attracted to and getting into crypto market investing and leaving the stock market.
Mexico is a small part of the crypto market. I'm sure the impact won't be as strong as that made by China.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
With already so many big and influential men and companies involved in crypto currencies, I don't think the countries banning crypto will have any negative effect on crypto in the long run, but sincerely speaking, am personally not worried about countries banning crypto cus am sure that this countries will still in the future turn and unban crypto when they come to realize they can't do without it.
Nigeria government banned crypto and in just few weeks, the ban was lifted and the government claimed they never banned individuals from using crypto but rather, they banned financial institutions like banks from transacting in crypto, even with this, many bank and government officials are still trading crypto.
Crypto is here to stay and no one or government can stop it.
Nigeria government banned crypto and in just few weeks, the ban was lifted and the government claimed they never banned individuals from using crypto but rather, they banned financial institutions like banks from transacting in crypto, even with this, many bank and government officials are still trading crypto.
Crypto is here to stay and no one or government can stop it.
Mexico is nothing anyway because they are not one of those countries that will turn the table of the market if they do such kind of stuff rather they will just have this news published and nothing will change in the market. Looks like this year is not totally good for the industry of crypto since the other countries have got insane to make this kind of nonsense decision. I don't know if they can get anything from doing this but more likely they just following the trend and looks like they followed the wrong footstep again.
but hopefully, some people with sizable asset holdings in the market don't panic to hear this news circulating. what we are afraid of is the negative sentiment of this news although the impact is not shown directly from the market in Mexico we can also see that negative news always has an impact on the crypto market.
Jump to: