Mexico is the next El Salvador? - page 3.

justdimin

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Quote from: ?? on ??

Although al Salvador did not accept this, I think the president of the country regretted making bitcoin the official currency. If I remember correctly when they went official, bitcoin was around 35-40 thousand dollars. It's half value now.

It doesn't matter when you start, it's not an idea that would make you rich overnight and this is a whole nation we are talking about. They kept on buying more and more bitcoins after that, even though the initial investment wasn't at the bottom, they did buy some at the bottom levels as well, which means they already did DCA, so if a whole nation could wait, which governments usually do because they could have investments take as long as 20-25 years to mature, then it's going to be an insanely good investment for sure.

I do not think that President really regrets it, he is still doing it and still buying some, so I feel like he must be happy about it if he is still doing it.

Lucius

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@pooya87, I think that a lot of controversy was created through some media articles in which they tried to show that the vast majority of people in ES protested against Bitcoin, but I think that this is far from the truth if we consider that the main opponents were politicians from the opposition and their few followers. At the time when Bitcoin became a legal tender in that country, there were some kind of protests that had nothing to do with Bitcoin, and then one of the Bitcoin ATMs was set on fire, which the on-duty critics immediately used to create a false image of how local residents perceive Bitcoin.

If 70% or more of the people in that country are unbanked and live in rural areas, mainly engaged in agriculture, cattle breeding or fishing, then it is not logical that they are against something that they do not even really understand.

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.

348Judah

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Quote from: GreatArkansas on October 03, 2022, 11:17:52 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

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.

Quote from: GreatArkansas on October 03, 2022, 11:17:52 PM

but on the other hand, there are still some people criticizing it and talking negative things about El Salvador's decision[/quote ]

This is common and it has no inch effect on what El-Savador stand to gain in progressing forward in it adoption, if you must see a new result then you must be able to start a new thing.

pooya87

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Quote from: so98nn on October 05, 2022, 03:36:12 PM

Unlike El Salvador where many peeps stood against this policy of bitcoin and hated the fact that the government is supporting something which they do not understand or at least their country does not need right now!! Like they need more facilities of health care or more employment rather than new transaction system and new ways of payment systems.

I'm curious about the source of your claim about "peeps" being against bitcoin adoption in El Salvador. Specially since it doesn't really cost anything to adopt bitcoin! How much money did the El Salvador government spend on it anyways? Hire some programmers to create that wallet and pay them a grand?! You can't build health facilities with that much money.

GreatArkansas

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Quote from: so98nn on October 05, 2022, 03:36:12 PM

Very big win only if those 128 million peeps started accepting bitcoin with full state of mind. Unlike El Salvador where many peeps stood against this policy of bitcoin and hated the fact that the government is supporting something which they do not understand or at least their country does not need right now!! Like they need more facilities of health care or more employment rather than new transaction system and new ways of payment systems.
(....)

For me, it's all good. It's still people's choice, they have still their own choice. The good thing here is being flexible, lot of choices for your payment methods in your country. For example, if you are shopping online which particular online store, got some choices about which payment provider you want to pay.
So, if people don't use Bitcoin as payment, it's good. If they want to use, it's good too.

so98nn

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Very big win only if those 128 million peeps started accepting bitcoin with full state of mind. Unlike El Salvador where many peeps stood against this policy of bitcoin and hated the fact that the government is supporting something which they do not understand or at least their country does not need right now!! Like they need more facilities of health care or more employment rather than new transaction system and new ways of payment systems.

However, this is indeed positive news for Bitcoiners like you and me. Since in the future we could be having stable assets from legal tenders of bitcoin from Mexican government itself. Could be influencing for sure.

famososMuertos

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Quote from: GreatArkansas on October 03, 2022, 11:17:52 PM

...//...:::

A priori I would say that it is on a waiting list, that is, I do not take away the true intention but so far we have had great announcements and they do not end in bitcoin as legal tender, on the other hand I think that making bitcoin legal has the same political intentions and social in Mexico, the difference is that El Salvador has a leader in Bukele, who for now seems to me to be one of the best reserves to keep bitcoin dormant in El Salvador.

Mexico has legislation on bitcoin and what it seeks is to improve existing laws , and that takes it away from its title, but in reality what matters is that bitcoin is present and creating a need for use.

DapanasFruit

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When El Salvador decided to make Bitcoin its legal tender, it actually got no official currency of its own (please correct me if I am wrong with this impression) but with Mexico they got their own official and national currency already so what they are doing is just recognizing Bitcoin as an official "money" where people can use as a medium of exchange. Now, I am not sure if this will result into many good things for the country but I think the officials in there must be looking at positive impact with this decision. Let's hope this experiment can push Bitcoin to the consciousness of millions of Mexicans...though am sure its use in illicit drug business is going to also be a part of the total mix.

Don Pedro Dinero

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Quote from: GreatArkansas on October 03, 2022, 11:17:52 PM

What are your thoughts about this?

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.

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Quote from: davis196 on October 04, 2022, 01:47:52 AM

So if one Mexican senator(who happens to be pro-Bitcoin) says that Bitcoin will become legal tender in Mexico this automatically means that Bitcoin will become legal tender in Mexico. It doesn't work that way. Grin

What if a US congressman or senator says that Bitcoin will become legal tender in the USA? Would you believe this news? I wouldn't.
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.

You are right, this is just the opinion of a congressman who loves bitcoin so it doesn't work that way. At the beginning of January, the central bank of Mexico announced that it is working on creating a digital peso, which means it is intending to use CBDC in its country and hopes it will be rolled out in 2024. With this statement, it seems that accepting bitcoin as legal tender in Mexico is very unlikely to materialize. In the past, there were also many congressmen who proposed to make bitcoin legal tender in the country but things still did not work out.

Fundamentals Of

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Although al Salvador did not accept this, I think the president of the country regretted making bitcoin the official currency. If I remember correctly when they went official, bitcoin was around 35-40 thousand dollars. It's half value now.

What makes you think so? If making Bitcoin as a legal tender of the country was such a wrong move and he made this realization, why not just take back everything and declare that Bitcoin should cease as a legal tender? Why didn't the government of El Salvador declare the experiment a failure? After all the country still have another legal tender left. They just need to stay away from Bitcoin.

Have you heard of Bukele's statements lately? And also, if Bitcoin is used as a currency for international remittances of overseas workers, of which El Salvador has a lot, I don't think it matters so much that the price has fallen a lot.

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I’ve been looking around for a while on Mexican written media, and as I expected, there isn’t really anything new that has changed in the situation to back those words on twitter, or further elaborate on them.

Sure she is a strong advocate for bitcoin (although with some quasi-conflicting side ideas), and has proposed this past summer making bitcoin legal tender in the country (of which we haven’t heard back from to date), but the Tweet does lack some additional substance to credit the assertion. She’s got a good chance though to elaborate on the matter next month at the Adopting Bitcoin conference in El Salvador …

Haunebu

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Did some research and found out this is old news op. This bill was proposed by the senator that you mentioned way back in July and there haven't been any updates since then which implies that this proposal most probably got rejected.

This is just another proposal which got swept under the rug as expected due to fierce opposition by their central bank and other similar authorities.

NeuroticFish

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Quote from: TimeTeller on October 04, 2022, 01:31:46 AM

But will the Mexican government ready to abandon their Mexican peso?

Most probably no, like El Salvador also didn't ditch USD.
I have a feeling you don't know exactly what legal tender means hence you have more expectations from it than you should.

Quote from: GreatArkansas on October 03, 2022, 11:17:52 PM

What are your thoughts about this?

I find it more interesting like El Salvador, more like Central African Republic, since Mexico has its own proper currency. I expect quite some opposition from Central Bank's side.
Plus, as said, Mexico is a big country with big population. If this is going to happen, it would be cool.

noorman0

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Kempis had proposed a bitcoin legalization bill a few months ago then unfortunately got a negative response especially for Mexico's central bank. Don't know if it has progressed so far so that it becomes a plan that will be realized in the near future.

Quote from: TimeTeller on October 04, 2022, 01:31:46 AM

-snip-
But will the Mexican government ready to abandon their Mexican peso?

Was that part of the plan? So far I haven't seen any news that Mexico is experiencing bad economic conditions which is a reason to write off their currency.

BlockChainMentor

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More countries will come in next 5 years surely for seeing goodness of bitcoin because if a country made bitcoin legal tender , it gives power to people for transaction without any transaction fees and third party includance

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Quote from: avikz on October 03, 2022, 11:24:00 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!

What is actually the difference between a legal tender and an official currency? I think they're the same. In El Salvador, it is not just Bitcoin that is the official currency. The US dollar remains as one of the country's official currency alongside Bitcoin. El Salvadoran businesses cannot abandon the US dollar as a payment option because it is also the country's official currency. They cannot refuse customers who prefer to use the US dollar in buying goods and services.

I think this proposal to declare Bitcoin as a legal tender in Mexico is still far from happening.

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Based on the positive impact when El Salvador adopts Bitcoin visible to the surface, especially in Mexico which incidentally has a larger population, it is possible that we will be faster in its growth towards mass adoption. But the problem is whether the proposal can be realized and approved by the Mexican parliament which has more votes for its impartiality to Bitcoin. Indira Kempis is the opposition and now on her Twitter, she seems to be showing her alignment with Bitcoin. Or is this just a ride for his political interests? because this is usually to attract public sympathy, especially young people but in practice, the politician does not actually deliver 1% of what he promises. Despite his personal interests, he has been pro-Bitcoin for a long time, and maybe in the next election, he will still declare the same topic. It's just a matter of waiting for the public's response whether he is in a favorable position or if it is the coalition that has controlled the government.

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Quote from: pooya87 on October 04, 2022, 02:30:46 AM

Quote from: davis196 on October 04, 2022, 01:47:52 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.

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Quote from: GreatArkansas on October 03, 2022, 11:17:52 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

The legal tender in El Salvador makes lot of hype and their government did good plan from law, legal tender announcement to build up Chivo wallet and airdrop distributions to citizens. The airdrop distribution is helpful to expose their citizens with Bitcoin but if to say all feedback are good, I don't agree.

Months after airdrop distribution plus the bear market, many people no longer want or more hesitate to accept Bitcoin for their business in El Salvador. They have solid reason, if you have a business and also are a long term investor, you can accept Bitcoin without fear that it will have -15% drop tomorrow. If you have a start up that is small and vulnerable enough, accepting Bitcoin is risky for your company.

Topic: Mexico is the next El Salvador? - page 3. (Read 767 times)