The burgeoning economy of the developing nation of Mexico shows promising signs as a heaven for cryptocurrency enthusiasts. According to Luis Sosa, a Mexican national who spoke to Coindesk, cryptocurrency offers a more desirable alternative to the bureaucracy surrounding fiat currencies.
Mexico’s financial systems have long struggled with high levels of tax-evasion and money laundering. In August 2019, the government implemented much needed financial reforms. This in turn brought more regulation of the flow of capital in the country. Subsequently, this led to a boom for Bitso, Mexico’s leading cryptocurrency exchange.
Earlier, in June 2019, Amero-Isatek announced opening its first physical cryptocurrency exchange. Trading began in their own asset, Amero.
Later, they announced expanding to a further seven regions in the country.
This was Mexico’s first physical cryptocurrency exchange according to Alfonso Jiménez, CEO of Amero-Isatek in conversation with Coindesk.
Innovations in the Market
Moreover, Mexico introduced an innovative new mode of banking targeted for crypto enthusiasts. Tauros, a crypto exchange and neo bank, launched South America’s first crypto debit card, in collaboration with Dash. Mexico-based company Tauros has agreed with Visa to provide interested parties with debit cards. These cards can be used to transact using digital assets.
This will inevitably lead to a greater flow of capital into the country’s markets and is bound to be popular. This would help bypass the country’s stringent new banking laws and cut out the difficulty involved with money transfers into the country, according to Coindesk.
The card will be easy to use for the layman. Fit for use in any normal store, it will convert from digital to fiat currency instantly where necessary.
With the developing world often leading innovations in the world of cryptocurrency, it will be fascinating to monitor Mexico’s exciting progress.