The First Bank In Mexico Is About to Start Accepting Bitcoin - page 2.

avikz

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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's hilarious! A businessman has the guts to respond to their finance ministry in such a way, may have some serious connections at the political level and also the power to purchase beaurocrats to turn the tide in his favor.

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.

dmamigo

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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

If the government has banned the cryptocurrency but one of the banks is allowing the usage is too much confusing. It is like is it even possible and risk-free for the user?
In this scenario, I think the bank either has special permission from the government or else we should take time before we celebrate positive news.

tyz

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Actually that bank is mostly used in small towns where people have no option but open an account with them, that people from small towns probably have never heard of Bitcoin mainly because internet access in some areas in Mexico is almost non-existent or people just don't care about that and don't use it.

And if they had heard it before, they probably wouldn't change anything. Bitcoin would not be an payment option for them. The people there are certainly not wealthy and would certainly not accept $2-3 in transaction fees just to be able to pay with Bitcoin. People should stop seeing Bitcoin in its current state as a money substitute. It may be feasible for large-volume payment transactions such as trade between countries, but not for the little guy in the store around the corner.

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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.

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.

Vishnu.Reang

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If this attempt like any other becomes successful, I think it's not that impossible to say that other banks around the world will probably do the same because bankers aren't the type to let a money making opportunity that could potentially be big to just pass by.

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.

randegibran

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this is a very good step and can be said to be quite happy news for investors.hopefully this will also be accepted by some banks in other countries there are several banks that legalize bitcoin, this will help bitcoin more or less, in the midst of a very weak position and a sharp decline in prices.Hopefully what the bank is doing is also done by other banks in the world

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Quote from: Vishnu.Reang on June 29, 2021, 02:31:04 PM

The proposal was rejected, right? This is what I could find from CNBC:

They will have to go about it the way El Salvador did. Get the buy in from the government, so pass the laws properly through parliament, lower then upper house, then the bank has no choice but to accept. Pretty sure the people are angry about a lot of other things though to even they might shoot down anything the existing govt proposes until actual democratic change is brought about.

gabbie2010

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Quote from: Nunoluck on June 29, 2021, 08:16:55 AM

I hope that will be succesfull. I can't 100% trust bank since it is controlled by government and in my opinion government is a part of players in a big world game. Anyway this is really a good news, I think everything that ease people to use cryptocurrency will boost the adoption of cryptocurrency among people around the world which means it will increase bitcoin demand so the price will rise.

Though we can't truly trust banks however the bottomline is the acceptance or adoption of bitcoin by the bank however this will have an impact and growth of the coin, gradually institutional adoption is gaining momentum and I believed other financial institutions in other countries will followsuit, infact other influencial individuals will also share the same views as Ricardo Salinas Plieg about fiat and Bitcoin, few weeks ago it was Elsalvadorian government sending $30 BTC to their citizens, all these will ensure more populaity of Bitcoin hopefully in the next couple of days another news of adoption will be reveal

Beparanf

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Quote from: Nunoluck on June 29, 2021, 08:16:55 AM

I hope that will be succesfull. I can't 100% trust bank since it is controlled by government and in my opinion government is a part of players in a big world game. Anyway this is really a good news, I think everything that ease people to use cryptocurrency will boost the adoption of cryptocurrency among people around the world which means it will increase bitcoin demand so the price will rise.

It's inevitable for cryptocurrency to avoid banks or any source of Centralization if we really want to attain mass adaption. Banks is working for a long time and used by most of the people for there finances. So cryptocurrency need it too to serve all the people that still not involve in crypto.

perfect999

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Quote from: Kiley33 on June 28, 2021, 08:30:16 PM

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. We heard that many banks have begun to use cryptocurrencies, especially BTC. The main difference from this case is that Ricardo Salinas Pliego actually believes that BTC is a real gold equivalent, while fiat currency is actually a fraud. He said that the most significant feature of BTC is that it has a total supply, which cannot be said for any legal currency.

What you have written here doesn’t tally with what you have as your headline. Your headline made me think that there is a bank in Mexico that started accepting bitcoin, while your post says something totally different. Anyways, let’s keep waiting and see which banks are going to start that.

Although if I’m to say, I would say that banks don’t really have anything to do in cryptocurrency, because we have exchanges already. If banks should be accepting cryptocurrency, it is still going to be the same things that you’re doing with exchanges that you’re still going to be doing with the banks. So for me, it is really not necessary. What matters most is that cryptocurrency is declared a legal assets.

Vishnu.Reang

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The proposal was rejected, right? This is what I could find from CNBC:

https://www.cnbc.com/2021/06/28/mexican-billionaire-salinas-says-he-wants-to-give-his-bank-clients-access-to-bitcoin.html

Bank of Mexico shoots down billionaire Ricardo Salinas’ plans to bring bitcoin to Banco Azteca

Quote

Mexico’s central bank issued a statement Monday saying cryptocurrencies like bitcoin are not legal tender and are prohibited from being used in the country’s financial system. The comments came after Mexican billionaire Ricardo Salinas Pliego declared his intent over the weekend to make Banco Azteca the first lender in the country to do business in bitcoin.

The central bank has issued a statement, clarifying that it is prohibited to use Bitcoin (or any of the altcoins) in the banking system. Ricardo Salinas Pliego may want his bank to accept BTC. But that is not possible unless they get the approval from the Banco de México. It was much better to post this thread, after getting the confirmation.

The Cryptovator

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Although it's quite surprising banks decide to accept Bitcoin, but I have to say they realize the value of Bitcoin. But nothing there to overexcited, because the bank is a centralized organization. If all banks start accepting Bitcoin then Bitcoin will look like a centralized cryptocurrency Although functionally decentralized forever. But still, I will take it positively. I never agree to compare Bitcoin with gold, both are different things like as you said Bitcoin has a limited supply. I do not agree as well to call fiat fraud. If I am not wrong we still need it for at least a few more years. There is nothing success or failure, either bank accepts or not, Bitcoin is Bitcoin.

Shenzou

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Quote from: Kiley33 on June 28, 2021, 08:30:16 PM

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. We heard that many banks have begun to use cryptocurrencies, especially BTC. The main difference from this case is that Ricardo Salinas Pliego actually believes that BTC is a real gold equivalent, while fiat currency is actually a fraud. He said that the most significant feature of BTC is that it has a total supply, which cannot be said for any legal currency.
What do you think? Is there a real difference? Will it be a successful project?

I honestly think that this is a stupid idea, so the main reason why bitcoin was created and the purpose that it was made for was to eliminate the need for any intermediate between beneficiary of the transactions, and banks are the main thing that bitcoin removes, so going back full circle and using banks to deposit bitcoin seems kind useless and contradictory, besides don't you want your id being hidden from governments when you use bitcoin why would you give that info to the bank.

NeuroticFish

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Quote from: snipie on June 29, 2021, 01:01:52 PM

It all depends on politicians changing the actual law if it counters cryptocurrencies adoption. I would say that once a businessman is interested in something, all closed doors should be opened Wink

That's correct. Just it takes time and money. That's why I said "slowing down" and not "stopping" Wink

snipie

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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.

https://i.imgur.com/QbTC4kj.png
Full story: https://www.btctimes.com/news/Mexico-central-bank-blocks-ricardo-salinas-bitcoin-plans

It all depends on politicians changing the actual law if it counters cryptocurrencies adoption. I would say that once a businessman is interested in something, all closed doors should be opened Wink

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Quote from: Kiley33 on June 28, 2021, 08:30:16 PM

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. We heard that many banks have begun to use cryptocurrencies, especially BTC. The main difference from this case is that Ricardo Salinas Pliego actually believes that BTC is a real gold equivalent, while fiat currency is actually a fraud. He said that the most significant feature of BTC is that it has a total supply, which cannot be said for any legal currency.
What do you think? Is there a real difference? Will it be a successful project?

I believe it will be a successful project. Bitcoin will be an alternate option for fita in the bank and people can transact bitcoins with the bank.
If one would ask, I'd say this move to accept Bitcoin by the bank would in tremendous way increase the adoption of bitcoin in the mainstream world.
Quite a lot of people would become interested in owning bitcoin just like they did with bank shares. Trust me, this will ultimately help increase the price of bitcoin also.

GeorgeJohn

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If such really happen in Mexico that means those countries who are criticising cryptocurrency is at wrong track, even from my perspective a country that endorse or accept cryptocurrency really wants to build up their economy standard from another form, because cryptocurrency will enhance to their development and also attract investors that collaborate with cryptocurrency, from my own understanding accepting bitcoin in particular will make their transactions so easy and lesser.

clint25n

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acceptance of bitcoin by several countries with storage in the form of banks, they will pay according to the money we save in several examples of banks, how about an interest system and how do they pay interest to a customer who keeps his assets in the bank. this will be in accordance with their respective procedures and provisions.if it really happened in accordance with applicable regulations.maybe this is the right step for us to save or deposit it to the bank

Nunoluck

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I hope that will be succesfull. I can't 100% trust bank since it is controlled by government and in my opinion government is a part of players in a big world game. Anyway this is really a good news, I think everything that ease people to use cryptocurrency will boost the adoption of cryptocurrency among people around the world which means it will increase bitcoin demand so the price will rise.

masterrex

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Quote from: Kiley33 on June 28, 2021, 08:30:16 PM

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. We heard that many banks have begun to use cryptocurrencies, especially BTC. The main difference from this case is that Ricardo Salinas Pliego actually believes that BTC is a real gold equivalent, while fiat currency is actually a fraud. He said that the most significant feature of BTC is that it has a total supply, which cannot be said for any legal currency.
What do you think? Is there a real difference? Will it be a successful project?

Wow that's good and I believe it is another score for the crypto industry if it's true, and it will be better if you include the link to the official statement of Ricardo Salinas Pliego because base on your OP it is not clear" he hopes his bank will become the first bank in Mexico to accept Bitcoin" if he owns the Bank why he is only hoping if he can do it easily? what does he mean? Is Ricardo Salinas Pliego is just pointing out the Mexican regulatory requirements as an obstacle? or he was not sure about what he said. just asking?

Topic: The First Bank In Mexico Is About to Start Accepting Bitcoin - page 2. (Read 513 times)