Mexico is the next El Salvador? - page 2.

EarnOnVictor

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Quote from: 348Judah on October 06, 2022, 05:51:19 AM

As long as El-Savador has make it through with adoption, Central African Republic followed, we've got some other countries showing interest as well but yet to derive on a conclusion and Mexico in these has also join the likes of Paraguay, Panama and other desiring countries that were on the edge of adoption, but i will also employ them to adequately plan ahead this decision without considering external influx on their decision.

Oh, these countries are many and your view and advice are right about this adoption by them. Yet to me, it is not about adoption alone but careful planning and adopting at the right time and price. As much as we Bitcoiners are proud of El Salvador being on the frontline in this development, the adoption was not well-planned, which brought about protests and others. They are lucky to have bought it at it $19000 which is relatively low. But any country that buys/adopts it at higher prices might regret it if care is not taken.

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Quote from: GreatArkansas on October 03, 2022, 10:17:52 PM

We all know that El Salvador is already using Bitcoin as legal tender officially and there is already a lot of good feedback from it, there are already some people visiting or migrating to El Salvador because of Bitcoin being a legal tender, but on the other hand, there are still some people criticizing it and talking negative things about El Salvador's decision.

So now, Mexico seems started to take a look at this case too, using Bitcoin as a legal tender in their country.
Mexico got 128million population right now and El Salvador got around 7 million population according to Google.
It seems this will be a very big win for the Bitcoin community once will be implemented.

What are your thoughts about this?

Therefore, what an official senator of Mexico is doing is just another proposal to be discussed in their senate.
And when the result of his suggestion turned out to be positive, it was another positive result for Bitcoin or cryptocurrency.

It's just funny to think that it seems like many countries don't like and are very negative about bitcoin and after 13 years of staying in this period, now it's slowly accepting the concept that Bitcoin has and what good it brings blockchain technology to the economy of each country.

The Cryptovator

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El Salvador is the first country who make Bitcoin legal tender. Besides the president accumulate a lot of Bitcoin as well which brings a positive impact. That's why some other countries probably considering or wondering to make Bitcoin legal tender. If Mexico decides this then welcome. They might take advantage of Bitcoin. Don't know if it's true and they promote Bitcoin hardly like El Salvador. If so, more countries would encourage to do so.

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Quote from: kryptqnick on October 06, 2022, 10:20:54 AM

However, one senator saying that Bitcoin becoming legal tender is not a matter of opinion does not actually make it less of an opinion. Adoption would be required by the majority of MPs and/or other authorities (I am not sure which institutions have most power over economic regulations like this in Mexico). One senator isn't enough.

Quote from: kryptqnick on October 06, 2022, 10:20:54 AM

Didn't El Salvador also not abandon their fiat, which is the USD? I remember reports that the actual amount that the state is keeping in Bitcoin is very small. Moreover, do we really know how (if at all) Mexico will adopt Bitcoin (I mean, in detail, so that we could assess how similar or different this is to El Salvador)? Is there at least a project law already?

First, you argue that the opinion of one senator doesn't really mean anything, and then you ask the question whether there is any kind of project at all? Isn't that completely illogical? This whole thing shows the absurdity of the basic understanding of things that, for reasons of news recycling, are brought into completely meaningless connections.

El Salvador has a president who is part of the ruling and majority party in the parliament and who is pro-Bitcoin, and Mexico has a senator in the parliament who has a fantasy in his head...

Quote from: kryptqnick on October 06, 2022, 10:20:54 AM

Didn't El Salvador also not abandon their fiat, which is the USD?

Seriously? After hundreds of pages on the forum on that topic, you ask this question? The USD has been the official currency in El Salvador for more than 20 years and it is still the same today.

wmaurik

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Quote from: Fara Chan on October 08, 2022, 04:20:16 AM

The difference is clear that not only does El Salvador accept payments using bitcoin, but El Salvador also makes bitcoin its official currency, whereas Mexico has its own currency and they only accept bitcoin as payment adoption. To surpass El Salvador seems unlikely, but to perfect the adoption is more relevant, if public awareness in Mexico grows in the next few years, then the will proceed quickly and perfectly.

In general, several countries in the American continent have followed in El Salvador's footsteps by seeing Bitcoin as an important asset and very need to be considered because certain people and parties such as the Brazilian presidential candidate named Lula have also seen Bitcoin as a very clear future and have even telling everyone not to continue to depend on the dollar.

Likewise, the Ontario Securities Commission from Canada is planning to buy Bitcoin next year along with other cryptocurrencies. This indicates that not only Mexico has considered Bitcoin as something to behold and own, but Brazil and Canada have also begun to make good plans to own Bitcoin and make it an important asset.

Source:

Fara Chan

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The difference is clear that not only does El Salvador accept payments using bitcoin, but El Salvador also makes bitcoin its official currency, whereas Mexico has its own currency and they only accept bitcoin as payment adoption. To surpass El Salvador seems unlikely, but to perfect the adoption is more relevant, if public awareness in Mexico grows in the next few years, then the will proceed quickly and perfectly.

Leviathan.007

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This would be a piece of very good news if this happened one day in reality for Mexico, but that's still not something we can be sure about it from the Mexican government's side, because we can only be sure about this news whenever there is official news from the government side, here what we see is just something from a Mexican senator, but if that's happening in Mexico I'm not gonna be surprised since bitcoin is getting progress and spreading in all over the world while in any government they consider accepting bitcoin

burugcrypto

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No, Mexico is not next El Salvador
It became a hot topic when el salvador made bitcoin as their legal currency but it has low effect on crypto community. People are shifting to Dubai more than el salvador

Until any major country (US, UK, China, India etc) accepts as bitcoin as currency (not as a asset), situation will be the same. But I don't think it is going to happen anytime soon.

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Quote from: CarnagexD on October 07, 2022, 03:06:56 AM

Quote from: ?? on ??

It's happening, soon these words will be in more places. Little things like this are comforting. Starting with a small place at the end, countries accept BTC and cryptocurrency

Indira's words are a bit strong though, I like that it's a bit risque but hey, we are crypto enthusiasts and we eat risk for breakfast. That's how things or trends starts, from scratch. People resist change so you have to take them little by little if you want to make sure that your foothold is strong. Some still resist the future but we have to be there to know what's going to happen next.

That's right, we don't have to start on a global scale because this is a process and Crypto is not something to be forced because it won't be good in the end so it will be better if it starts little by little so that in the end it will be good because we can't force our will other people and this change needs to be based on one's own desires to be in harmony later.
There are some cases that are forced and only look at profits without realizing the risks that lead to a lot of people feeling cheated or whatever the language is called Crypto.

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Quote from: GreatArkansas on October 03, 2022, 10:17:52 PM

We all know that El Salvador is already using Bitcoin as legal tender officially and there is already a lot of good feedback from it, there are already some people visiting or migrating to El Salvador because of Bitcoin being a legal tender, but on the other hand, there are still some people criticizing it and talking negative things about El Salvador's decision.

Are people really travelling to El Salvador because of Bitcoin been used as a legal tender ?
I really don't think so because even with Bitcoin as an asset people definitely will still travel down to El Salvador to do their task and duties. It will be of great news if truly Mexico is moving to adopt Bitcoin as a legal tender because it will on the other hand not just boast Mexico's economy but also help as a positive drive for the Bitcoin community and People definitely will talk bad and ill of Bitcoin but that doesn't mean it wouldn't thrive if the necessary measures are taken.

Quote from: ?? on ??

Quote from: GreatArkansas on October 03, 2022, 10:17:52 PM

What are your thoughts about this?

128 million residents if all agree to adopt bitcoin I think the adoption will be a success , and each user can freely send money to each other without dealing with bank fees .
but it should be underlined that elsavador and mexico are very different in their goals of adoption

You don't expect this much population to accept Bitcoin as a legal tender at once because Bitcoin in El Salvador that has accepted it as a legal tender, still faces so much criticism and Mexico accepting this with over 10 times population of El Salvador definitely wouldn't be easy, and a proper sensitization must have to be carried out constructively.

BITCOIN4X

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Quote from: GreatArkansas on October 03, 2022, 10:17:52 PM

What are your thoughts about this?

I will welcome this news very positively, adoption is always expected to increase from day to day even if it is still on a small scale or individual. Honestly, I want to hear and see a fact that adoption is also expected to occur in many Asian countries in the future, bitcoin is certainly very feasible as an alternative digital payment solution.

Regarding Mexico's bitcoin adoption plans, I hope they can learn something from El Salvador so they can avoid mistakes that El Salvador may not have realized since its adoption.

seoincorporation

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In Mexico bitcoin is legal, but isn't considered money, for Mexicans Bitcoin is a Digital Asset...This means it isn't considered money as El Salvador did. And the difference between a Digital Asset and Money is: With money you can buy and sell things and get an invoice to pay taxes from the transaction, but with a digital asset you only can trade it for other products, and you can't get an invoice from that trade.

So, the answer is No, Mexico will no be the next El Salvador.

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Quote from: Bitstar_coin on October 04, 2022, 06:45:57 AM

Quote from: pooya87 on October 04, 2022, 01:30:46 AM

Quote from: davis196 on October 04, 2022, 12:47:52 AM

I don't know anything about the financial situation in Mexico, but I don't believe that Mexico isn't a worst financial condition than El Salvador or Venezuela. I also don't think that the Mexicans are so desperate that they would embrace Bitcoin/altcoins right away.

What people forget is that adopting bitcoin as legal tender doesn't mean people are going to embrace bitcoin or for their economy to improve right away. It's all about building the ground work and the infrastructure needed for an easier adoption over the long term. You can't expect a revolution overnight.

Absolutely, it is going to be a work in progress for btc adoption and usage, because as it is now, people are more interested in th speculative aspect than payment aspect. Although it is not unachievable, it will really take some time, the important thing is the adoption and acceptance legally, once this is achieved, rest will happen gradually.

Right, this is why I keep wondering, must every country term Bitcoin a Legal tender before we can see it as being adopted by the country? I think because of local politics in every place, once proposed by a member of a different party might be fought against by others in the next party however, I think if it is not a case of Ban or prohibition as was previously stated by the Mexico's Finance Minister back in 2021, then whether it has been adopted as a legal tender of just allowed to be traded and exchanged in the country would be great as well.

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Quote from: ?? on ??

Quote from: GreatArkansas on October 03, 2022, 10:17:52 PM

What are your thoughts about this?

128 million residents if all agree to adopt bitcoin I think the adoption will be a success , and each user can freely send money to each other without dealing with bank fees .
but it should be underlined that elsavador and mexico are very different in their goals of adoption

They have one reason why they adopt Bitcoin, maybe you are talking about the way or strategies they used. However, no matter what it is at least we see a number of countries moving in and adopting Bitcoin as a form of currency. Singapore, Mexico, and El Salvador... are not quite huge countries but they somehow appreciate and value Bitcoin. Big credit to El Salvador to make the first push and even receiving a lot of criticism but still, they are doing their best to succeed.

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Quote from: ?? on ??

It's happening, soon these words will be in more places. Little things like this are comforting. Starting with a small place at the end, countries accept BTC and cryptocurrency

Indira's words are a bit strong though, I like that it's a bit risque but hey, we are crypto enthusiasts and we eat risk for breakfast. That's how things or trends starts, from scratch. People resist change so you have to take them little by little if you want to make sure that your foothold is strong. Some still resist the future but we have to be there to know what's going to happen next.

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Quote from: GreatArkansas on October 03, 2022, 10:17:52 PM

We all know that El Salvador is already using Bitcoin as legal tender officially and there is already a lot of good feedback from it, there are already some people visiting or migrating to El Salvador because of Bitcoin being a legal tender, but on the other hand, there are still some people criticizing it and talking negative things about El Salvador's decision.

So now, Mexico seems started to take a look at this case too, using Bitcoin as a legal tender in their country.
Mexico got 128million population right now and El Salvador got around 7 million population according to Google.
It seems this will be a very big win for the Bitcoin community once will be implemented.

What are your thoughts about this?

Mexico is much more susceptible to political pressure than El Salvador. Even El Salvador was receiving a lot of urging to step away from Bitcoin. I imagine Mexico would find a lot of issues with trying to go the El Salvador route. They are much more easily punished financially than El Salvador. With all of the issues Mexico is facing, even with El Salvador's imminent success, I think they aren't ready to be the next one to go to Bitcoin. More likely in my opinion is that smaller countries more distanced from the dollar will be next up. I'm thinking countries in Africa or possibly more small South American countries.

Victorik

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I think the idea of adopting BTC as a legal tender by Mexico is very much a welcome initiative.
This is will further grow the community around BTC. Compared to Elsalvador with a population of about 7 mil, Mexico has a population of about 120 mil.
And of course, not everyone is going to accept it.

kryptqnick

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To be fair, I saw reports that El Salvador's adoption failed (it didn't completely fail, of course, but the point was that despite much effort from the government, mass adoption of Bitcoin in this country did not occur), so it's not all good feedback. Still, it's a country that really tried, and it can still attract more crypto users both within and outside the country. Mexico adopting Bitcoin as a legal tender would be huge, as it's indeed a much bigger country and economy. However, one senator saying that Bitcoin becoming legal tender is not a matter of opinion does not actually make it less of an opinion. Adoption would be required by the majority of MPs and/or other authorities (I am not sure which institutions have most power over economic regulations like this in Mexico). One senator isn't enough.

Quote from: avikz on October 03, 2022, 10:24:00 PM

First please get some facts right! El-Salvador did not just make bitcoin legal tender but they made it the official currency. Mexico is not going to do the same! They are going to adopt bitcoin as a legal tender alongside their official currency system. So both cases are different.

That's a wise way to do it unlike El-Salvador! This way Mexico will be able to protect themselves from bitcoin's volatility while enjoying the innovation!

Didn't El Salvador also not abandon their fiat, which is the USD? I remember reports that the actual amount that the state is keeping in Bitcoin is very small. Moreover, do we really know how (if at all) Mexico will adopt Bitcoin (I mean, in detail, so that we could assess how similar or different this is to El Salvador)? Is there at least a project law already?

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Quote from: stompix on October 06, 2022, 08:23:55 AM

<...>

It’s actually this link that is the latest entry as far as I’m aware:
https://www.senado.gob.mx/64/gaceta_del_senado/documento/125472

She amended the previous one in the course of a two-week timespan apparently, and explicitly included the following reference (translated):

Quote

"Article 2nd third – Bitcoin (BTC) shall be considered legal tender in the Mexican Republic"

That is, in fact, the only reference to bitcoin in the document. I presume that the arguments in favour are heavily laid out elsewhere …

I spent some time yesterday trying to see if there was any information on how and when this subject was to be treated, or even if there was an upper limit in terms of time, but came up empty handed so far.

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Quote from: Don Pedro Dinero on October 04, 2022, 10:02:00 PM

This senator has long been a bitcoin advocate, but just because she is a bitcoin enthusiast doesn't mean anything if she doesn't have enough support.
She has already been discussed in the forum as a result of this:

Bill Proposes to Make Bitcoin Legal Tender in Mexico

But it seems that she does not have enough support. As long as she does not, what she says in the future is only her opinion.

Thanks as I've been looking for a link to that but it seems that proposals and initiatives have different meanings in the Mexican parliament
So, in short, her proposal:
https://www.senado.gob.mx/64/gaceta_del_senado/documento/125056
doesn't have a date for deliberation even now, and she is the only one that is backing this, it hasn't made it even to a discussion from the financial council so the way things are going it might not come to a vote on it by the time the actual parliament is in power.

I've gone through a lot of her proposals here:
https://www.senado.gob.mx/64/senador/1145
and seem like in like 90% of thecases he can't convince anyone to back her proposals in a commission, not even her colleagues while when it comes to others from his own party they all have a dozen of backers from other parties included, for example Patricia Mercado

Quote from: Lucius on October 06, 2022, 06:00:55 AM

As for the costs of introducing Bitcoin as a legal tender, it was not only the software but also the hundreds of ATMs that were installed in ES, but also in all major US cities. However, we know that the key role in everything was played by the Tether guys, and that ES could very easily declare one altcoin (cardano) as a legal tender because they were in serious negotiations with them.

Oh yeah, the magical 400 million in fees saved while Salvadorians have moved only 50 million in total in half a year.
I'm curious why the government isn't releasing any numbers on how much this whole thing actually costs, the installation, the machines, the rent, the wages paid for the ones coordinating and managing all, how much have they paid AlphaPoint to fix the network garbage Athena delivered for millions, and many more but that's probably not laser eyes material.

Topic: Mexico is the next El Salvador? - page 2. (Read 827 times)