After China, Now it's Mexico's Turn to Ban Crypto - page 7.

yazher

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Quote from: awakpane on June 30, 2021, 07:05:39 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.

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.

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Quote from: jrrsparkles on June 30, 2021, 07:47:15 AM

Quote from: awakpane on June 30, 2021, 07:05:39 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.

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.

the impact may already be seen a bit with the decline in bitcoin price today. after being stable for a while now experiencing a small correction. I hope the market is not too affected by this news.

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.

mu_enrico

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As long as possession of cryptocurrencies isn't illegal, there is no concern about banning crypto for legal tender or its usage in existing financial system. People can still own crypto and treat it like a digital asset. Anyway, let's say the possession of cryptocurrency then deemed illegal, the government can't eradicate it all, just like crack and cocaine, someone somewhere will still use it and trade it, and that's a tangible goods which you can see it.

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It does not really matter if Mexico bans Bitcoin. Mexico's participation in cryptocurrency can be called negligible at least because you do not hear many of its citizens do cryptocurrency nor do Bitcoin too much. So I definitely ignore them because for me theirs is not important. Even if the whole North America bans crypto, it might have some setbacks at the start but in a few months Bitcoin will prevail. Takes a lot of work to dismantle Bitcoin and I think the world is not enough to do that work.

husdemba

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This news is constantly increasing. Despite the Chinese news, cryptocurrencies are standing. Efforts to block cryptocurrencies happen all the time.
There will always be prohibitive mindsets, but now everyone respects cryptocurrencies. I am sure that these prohibitions will not last forever.

jrrsparkles

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Quote from: awakpane on June 30, 2021, 07:05:39 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.

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.

masterrex

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Quote from: awakpane on June 30, 2021, 07:05:39 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.

What's the heck happens with those countries are they moving backward? or they are just incapable to handle new technological innovation, by the way, it's their loss not on the crypto industry side, Mexico can implement safeguards like any other country is doing, and then crypto can be a source for additional revenue for Mexico like my country is doing they put all crypto-based businesses in one place and regulate it and tax it then revenue was generated that's it. unless that country is moving backward. just saying.

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Quote from: mindrust on June 30, 2021, 07:25:34 AM

You can add USA, India, Germany, Italy, New Zealand and whatever country you want to add. The result is still going to be the same.

Bitcoin will prevail.

It will not be good if those countries ban crypto because it will affect bitcoin value very well and cryptocurrencies generally will be affected, especially USA, but I do not think those western countries can ban bitcoin or crypto, they like to regulate it. Mexico is not rich, even crypto can not have effect of price devaluation in any bad crypto news from the country of Mexico.

Did you understand what I just said?

Bitcoin don't need those countries.

Those countries need bitcoin.

I say:

BRING IT ON!

mindrust

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Quote from: awakpane on June 30, 2021, 07:05:39 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.

Quote from: mindrust on June 30, 2021, 04:29:25 AM

WHO CARES?

Bitcoin is bigger than China or any country for that matter. Some country decides to ban bitcoin? Fine. We can move on without them. Nobody cares. China, USA, Germany, Nigeria, India... it doesn't matter. Bitcoin is bigger than all of them.

Bitcoin don't need countries.

Countries do need bitcoin.

This post of mine applies to Mexico as well.

Nobody cares.

You can add USA, India, Germany, Italy, New Zealand and whatever country you want to add. The result is still going to be the same.

Bitcoin will prevail.

KaliLinux

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Quote from: Mpamaegbu on June 30, 2021, 07:10:19 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 agree, I don't think this Mexicos announcement on cryptocurrency Ban with regards to their Banking system will pull any weight towards the Bitcoin price. I see it as a tussle from the Government just wanting to show that they have not given the green light on any such financial transaction in the country and even if Ricardo Salinas Pliego is a billionaire and owns a bank, they want to tell him he cannot unilaterally make that kind of decision in the country where there is a Government.

Mpamaegbu

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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!

awakpane

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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.

Topic: After China, Now it's Mexico's Turn to Ban Crypto - page 7. (Read 1048 times)