The First Bank In Mexico Is About to Start Accepting Bitcoin

Anonylz

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Quote from: NotFuzzyWarm on July 05, 2021, 10:41:41 AM

So just how does the OP posting that

Quote

Ricardo Salinas Pliego, the third richest man in Mexico, said that he hopes his bank will become the first bank in Mexico to accept Bitcoin.

equate to saying Ricardo's bank is even considering much less saying they are about to, start accepting Bitcoin?

Ans. It doesn't...

The op only interpret what he wants to hear and not what is written down it seems, can't blame him though, everyone is always eager to hear the next big news that will happen in btc, let's hope soon banks will start given accepting btc a consideration, it will be such a big news that can make the btc price to surge really high, I hope with his influence his bank will start to put this into consideration.

Yatsan

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That is really good to hear for such action will be a big implication for the acceptance of Bitcoin in Mexico that will open up the minds of the people into curiousity about thinking what is the relevance of Bitcoin adaption since banks will be starting to accept Bitcoin that many people commonly know banks are not promoting to use it (not sure if that applies into situation with other countries but here in my place that is being applied). Hearing a bank will accept Bitcoin is a good start for the people specially those who are already long enough in crypto to use the opportunity to freely use it now.

Kelvinid

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Quote from: ?? on ??

Is this bank regulated by the Mexican state? If so, their goal of crypto adoption will not be possible because the Mexican government does not allow it.
There's no way an individual can go against the government because that's impossible.

https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

This is what also I've noticed and I don't know where OP had got such information because the ban has already been made before this.
That actually good news but the life of crypto in Mexico isn't smooth, it's off and ON.

Anyway, this is a part of the game maybe later the government will lift the ban. We can't decline such decisions knowing that Mexico has a huge number of criminal activities and if they will legalize Bitcoin that possible it will be abuse and drives to increase money laundering activities in their place.

Vaskiy

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This is true indication of increasing market adoption. In my country the government was completely against the usage and the same caused massive blow of the market in the past. Now things have changed and there is no big restrictions. More and more number of cryptocurrency exchanges are getting developed. More the growth is the key factor to ignite a massive bull trend.

Wawa2013

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Quote from: romecheo on July 05, 2021, 10:37:45 AM

This will make another good impact on BTC, and thanks to Ricardo Salinas Pliego, for minding the acceptance of BTC,

Perhaps, he is a man, which we can consider as a visionary, he may see a future which lies on crypto currencies.

Hoping to see more businesses and government are following.

This is good news that has been awaited, hopefully the effect can push the price of Bitcoin. Ricardo Salinas Pliego is one of the most influential
people in Mexico, hopefully he can influence the Mexican government to be more open to cryptocurrencies. Approaching the end of the year slowly
began to emerge good news regarding Bitcoin, it seems that many people's predictions that Bitcoin will recover soon will come true.

AmoreJaz

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Quote from: Silberman on July 05, 2021, 12:26:59 PM

Quote from: NeuroticFish on June 29, 2021, 02:26:15 AM

After the statement that they are eyeing Bitcoin/crypto, Mexico's central bank was quick to counter, telling "The country's financial institutions are not authorized to carry out and offer to the public operations with virtual assets such as Bitcoin" and that those who do will face "applicable sanctions."

All this is a war of words and it's not yet easy to predict what's going to happen next. For now, the central bank seems to have got a small victory, at least by slowing down the adoption there.

-

Full story: https://www.btctimes.com/news/Mexico-central-bank-blocks-ricardo-salinas-bitcoin-plans

That was quick but at the same time we know that regulators despite their claims against bitcoin eventually are going to relent if enough powerful people want bitcoin to be accepted at their institutions, so it is possible that even if this does not happen now once enough rich people want bitcoin to be accepted the regulators will have no other option but to accept their demands, the question is if they will do so soon enough to be early adopters of bitcoin or they will take so much time that by the time they do it no one will care about it.

it will take time before Central Banks totally accept the existence of bitcoin and other cryptocurrencies. that's understandable as they don't have full control about its circulation. however, as some countries are making bitcoin as legal tender and if they see a successful implementation, their people themselves will make a way how their government will accept bitcoin in their market.
we don't need to rush things here because these CBs don't know how to even regulate the usage of crypto yet. when they find a way how to at least manage the use of crypto, they will be open to it and they may even adapt the technology behind it to create their own.

Silberman

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Quote from: NeuroticFish on June 29, 2021, 02:26:15 AM

After the statement that they are eyeing Bitcoin/crypto, Mexico's central bank was quick to counter, telling "The country's financial institutions are not authorized to carry out and offer to the public operations with virtual assets such as Bitcoin" and that those who do will face "applicable sanctions."

All this is a war of words and it's not yet easy to predict what's going to happen next. For now, the central bank seems to have got a small victory, at least by slowing down the adoption there.

Full story: https://www.btctimes.com/news/Mexico-central-bank-blocks-ricardo-salinas-bitcoin-plans

That was quick but at the same time we know that regulators despite their claims against bitcoin eventually are going to relent if enough powerful people want bitcoin to be accepted at their institutions, so it is possible that even if this does not happen now once enough rich people want bitcoin to be accepted the regulators will have no other option but to accept their demands, the question is if they will do so soon enough to be early adopters of bitcoin or they will take so much time that by the time they do it no one will care about it.

NotFuzzyWarm

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So just how does the OP posting that

Quote

Ricardo Salinas Pliego, the third richest man in Mexico, said that he hopes his bank will become the first bank in Mexico to accept Bitcoin.

equate to saying Ricardo's bank is even considering much less saying they are about to, start accepting Bitcoin?

Ans. It doesn't...

romecheo

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This will make another good impact on BTC, and thanks to Ricardo Salinas Pliego, for minding the acceptance of BTC,

Perhaps, he is a man, which we can consider as a visionary, he may see a future which lies on crypto currencies.

Hoping to see more businesses and government are following.

carlisle1

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Quote from: pragna on July 05, 2021, 08:47:27 AM

I think this is good news for all crypto lovers of mexico and whole world also. When a bank owner give such kind of announcement we can be hopeful where too many negative news around us like China not accepting crypto recent days. I think Ricardo Salinas Pliego has realize the importance of BTC for future days and hope another bank owners will follow him.

If domino effects take place with this decision, it will surely brings positive impact to this entire industry.

Bitcoin already have supporters and with the addition of more institutional business it will attract more and more people to also use this system.

Positive news is better today since those negative are dominating especially the news from China's ban.

nikrobi

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Quote from: Vishnu.Reang on June 30, 2021, 09:30:06 AM

It is not that simple. Bankers in general are quite greedy. But this is more like an issue which can affect their very survival. With the announcement from El Salvador (making BTC as legal tender), Bitcoin is now being regarded as a competitor to fiat currency). That makes it a competitor to the banking system as well. I am expecting more hostile action from fiat based economies such as the United States, and from the bankers. The honeymoon period for cryptocurrency seems to be over. It should be ready to face tough challenges now.

I've been observing lately many positions and actions like this. The decentralization is the most effective weapon against the old sytem, which doesn't want to loose the control. From now on countries and more countries will try to bring back this control to them using subterfuges promises that accept the digital coins in their business.

Banks know the impact and the power of this crypto financial backing, which is something never well metabolized by them. They'll fight as never before to re-take the control, but the new age currency is like computing and beyond.

The non touchable (software) and the touchable (hardware) were joined to has no limits, and perhaps no control!

pragna

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I think this is good news for all crypto lovers of mexico and whole world also. When a bank owner give such kind of announcement we can be hopeful where too many negative news around us like China not accepting crypto recent days. I think Ricardo Salinas Pliego has realize the importance of BTC for future days and hope another bank owners will follow him.

bryant.coleman

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Quote from: TribalBob on July 05, 2021, 07:59:36 AM

very surprising the bank decided to accept Bitcoin, but what's in my mind
1 . how do they divide the interest system
2. whether the bank will provide a median value for the bitcoin price, if it is too low the bitcoin owners will lose for sure

success will be far from expectations, if in my opinion if it is too big a loss for bitcoin owners

1. Bitcoin is not a currency that is impacted by inflation. So I don't think that there is a need to compensate the users with interest payments, if they chose Bitcoin. Unlike fiat, whose purchasing power goes down every year due to inflation, Bitcoin is essentially a deflationary currency whose purchasing power either remains stable, or increases with time. So it doesn't make sense to allow interest payments.

2. This is problematic, since there is no centralized organization that can decide on the exchange rate. My solution is like this: If the bank opts for a particular exchange to trade its Bitcoin, then it can use the prevailing exchange rates from that platform (similar to fiat forex, the buying price and selling price may be different).

TribalBob

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very surprising the bank decided to accept Bitcoin, but what's in my mind
1 . how do they divide the interest system
2. whether the bank will provide a median value for the bitcoin price, if it is too low the bitcoin owners will lose for sure

success will be far from expectations, if in my opinion if it is too big a loss for bitcoin owners

Lorence.xD

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Quote from: dkbit98 on July 01, 2021, 10:38:09 AM

Day after Ricardo Salinas Pliego announced that his bank will become the first bank in Mexico to accept Bitcoin, government o Mexico released a news that this will not happen and that Bitcoin is not allowed in Mexico but only their national currency Pezos.
Many governments are afraid of Bitcoin and they can ban it in Mexico but this will not stop people from using it, and people in Mexico are not so obedient like in other countries.
We may even see separate regions in Mexico having some kind of independence and people joining forces to create their own financial system that can include Bitcoin and crypto.

That's a power move by the Mexican government, they know how to sabotage a celebration. What's going to happen next to it though? I am pretty sure that Bitcoin was shown in a televised news in Mexico so I am pretty sure that the ban is going to make some people in Mexico feel bad about Bitcoin getting banned by their government.

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Quote from: clint25n on July 01, 2021, 09:17:19 AM

with what Mexican banks are currently doing by adopting bitcoin,this can be said to be a pretty good step and can be said to be a very appropriate step, with several banks in countries willing to adopt bitcoin as the official currency and legal transactions.cryto money,and also we hope that other countries in the world will follow.as we know today, when there are some countries that prohibit bitcoin in their countries, such as China.Hopefully this can be the beginning of price stability to bitcoin value

clearly this is certainly good news which has appeared on social media for the umpteenth time after a while ago, it was always bad news that happened to bitcoin, so the effect was that bitcoin was corrected very deeply and clearly this was very detrimental. then with more and more good news it is hoped that bitcoin will move up again.

maybe this is the first time that banks have been able to cooperate with bitcoin because obviously two very different systems have been brought together for an unusual transaction, because one uses an identity and the other is not needed (bitcoin). but this will make it much more interesting for banks to be able to adopt bitcoin in the banking system which is certainly easier to do. obviously this is good news to push bitcoin more trusted.

dkbit98

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Day after Ricardo Salinas Pliego announced that his bank will become the first bank in Mexico to accept Bitcoin, government o Mexico released a news that this will not happen and that Bitcoin is not allowed in Mexico but only their national currency Pezos.
Many governments are afraid of Bitcoin and they can ban it in Mexico but this will not stop people from using it, and people in Mexico are not so obedient like in other countries.
We may even see separate regions in Mexico having some kind of independence and people joining forces to create their own financial system that can include Bitcoin and crypto.

clint25n

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with what Mexican banks are currently doing by adopting bitcoin,this can be said to be a pretty good step and can be said to be a very appropriate step, with several banks in countries willing to adopt bitcoin as the official currency and legal transactions.cryto money,and also we hope that other countries in the world will follow.as we know today, when there are some countries that prohibit bitcoin in their countries, such as China.Hopefully this can be the beginning of price stability to bitcoin value

tyz

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Quote from: avikz on June 30, 2021, 12:54:46 PM

But it's quite clear that Salinas has just conveyed his willingness to adopt crypto without any regulatory backing. At least for the time being! We will see what future holds for the crypto community of Mexico.

It could also be that Ricardo Salinas already has more information. After all, he is very influential and well connected, and the Ministry of Finance must still deny everything at this point. This would not be the first time in history that there is officially a different opinion than is being negotiated in the background. We should just wait for the next time and see how it develops.

Vishnu.Reang

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Quote from: taufik123 on June 30, 2021, 09:58:24 AM

Quote from: Vishnu.Reang on June 30, 2021, 09:30:06 AM

It is not that simple. Bankers in general are quite greedy. But this is more like an issue which can affect their very survival. With the announcement from El Salvador (making BTC as legal tender), Bitcoin is now being regarded as a competitor to fiat currency). That makes it a competitor to the banking system as well. I am expecting more hostile action from fiat based economies such as the United States, and from the bankers. The honeymoon period for cryptocurrency seems to be over. It should be ready to face tough challenges now.

When bitcoin is considered a competitor to Fiat currency, then bitcoin adoption is successful. in el salvador bitcoin is used as a legal tender, even the government provides a $30 airdrop for those who create an account in the official El salvador government wallet called Chivo. and now when one of the banks in Mexico wants to adopt Bitcoin, of course this is good news and Bitcoin is increasingly being adopted.

Still too early to claim that. The billionaire Ricardo Salinas Pliego wants his bank to deal with BTC. But the Mexican central bank says that it is illegal. I don't know whether going against their directive will result in any good. Given the fact that El Salvador is very near to Mexico, why can't Salinas open a few branches of his bank (Banco Azteca) in El Salvador? He will not face any legal challenges, and he can use this as a test cause for any future rollout in Mexico. El Salvador is actually encouraging crypto entrepreneurs to move to that country.

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