Bitcoin Forum

After the Chinese government banned the use of cryptocurrencies a few weeks ago, the Mexican government is now banning the use of cryptocurrencies in the financial system.
https://www.coindesk.com/mexicos-treasury-secretary-confirms-cryptos-are-banned-from-financial-system

Will the ban have a negative impact on the future of crypto? there are already several countries that prohibit the use of cryptocurrencies.

Mexico is a poor country and her activities in the crypto space are inconsequential. How many crypto traders and miners do we even have in that country to start with? I don't see any ban from that quarters becoming an issue for the industry. We're worried about animals with horns, the snail shows itself, so to say. Do snails have horns? Does Mexico have horns? Does she have any strong statement to make in this industry? Nah!

I agree, I don't think this Mexicos announcement on cryptocurrency Ban with regards to their Banking system will pull any weight towards the Bitcoin price. I see it as a tussle from the Government just wanting to show that they have not given the green light on any such financial transaction in the country and even if Ricardo Salinas Pliego is a  billionaire and owns a bank, they want to tell him he cannot unilaterally make that kind of decision in the country where there is a Government. 

This post of mine applies to Mexico as well.

Nobody cares.

You can add USA, India, Germany, Italy, New Zealand and whatever country you want to add. The result is still going to be the same.

Bitcoin will prevail.

Did you understand what I just said?

Bitcoin don't need those countries.

Those countries need bitcoin.

I say:

BRING IT ON!

What's the heck happens with those countries are they moving backward? or they are just incapable to handle new technological innovation, by the way, it's their loss not on the crypto industry side, Mexico can implement safeguards like any other country is doing, and then crypto can be a source for additional revenue for Mexico like my country is doing they put all crypto-based businesses in one place and regulate it and tax it then revenue was generated that's it. unless that country is moving backward. just saying.

What impact is going to happen due to this ban? Actually I don't know the ban is from their central bank or from the government itself because most of the time government allows the cryptocurrency usage but not as legal tender while their central bank freeze accounts which are related to cryptocurrency transactions.

This news is constantly increasing. Despite the Chinese news, cryptocurrencies are standing. Efforts to block cryptocurrencies happen all the time.
There will always be prohibitive mindsets, but now everyone respects cryptocurrencies. I am sure that these prohibitions will not last forever.

It does not really matter if Mexico bans Bitcoin. Mexico's participation in cryptocurrency can be called negligible at least because you do not hear many of its citizens do cryptocurrency nor do Bitcoin too much. So I definitely ignore them because for me theirs is not important. Even if the whole North America bans crypto, it might have some setbacks at the start but in a few months Bitcoin will prevail. Takes a lot of work to dismantle Bitcoin and I think the world is not enough to do that work.

As long as possession of cryptocurrencies isn't illegal, there is no concern about banning crypto for legal tender or its usage in existing financial system. People can still own crypto and treat it like a digital asset. Anyway, let's say the possession of cryptocurrency then deemed illegal, the government can't eradicate it all, just like crack and cocaine, someone somewhere will still use it and trade it, and that's a tangible goods which you can see it.

the impact may already be seen a bit with the decline in bitcoin price today. after being stable for a while now experiencing a small correction. I hope the market is not too affected by this news.

regarding the prohibition. I'm sure they are afraid of money laundering in their country which is very likely to use crypto. even if regulations enforce crypto as an investment asset it is still considered a threat to certain countries. because their government is not ready to handle problems that may occur.

Mexico is nothing anyway because they are not one of those countries that will turn the table of the market if they do such kind of stuff rather they will just have this news published and nothing will change in the market. Looks like this year is not totally good for the industry of crypto since the other countries have got insane to make this kind of nonsense decision. I don't know if they can get anything from doing this but more likely they just following the trend and looks like they followed the wrong footstep again.

Mexico probably won't have a big impact on this negative news. unlike China, which does have several large crypto mining companies. The impact on the market is very strong.
but hopefully, some people with sizable asset holdings in the market don't panic to hear this news circulating. what we are afraid of is the negative sentiment of this news although the impact is not shown directly from the market in Mexico we can also see that negative news always has an impact on the crypto market.

With already so many big and influential men and companies involved in crypto currencies, I don't think the countries banning crypto will have any negative effect on crypto in the long run, but sincerely speaking, am personally not worried about countries banning crypto cus am sure that this countries will still in the future turn and unban crypto when they come to realize they can't do without it.
Nigeria government banned crypto and in just few weeks, the ban was lifted and the government claimed they never banned individuals from using crypto but rather, they banned financial institutions like banks from transacting in crypto, even with this, many bank and government officials are still trading crypto.
Crypto is here to stay and no one or government can stop it.

more and more countries are violating crypto. not just industries that are banned in their country. but there is a prohibition related to crypto ownership. this is really annoying.
although the impact doesn't seem that big, I like to see an attempt to lower the price of bitcoin which is above the cloud
we saw bitcoin hit ATH this year, and some governments might not like it because of the overwhelming news back then. more and more people are getting attracted to and getting into crypto market investing and leaving the stock market.
Mexico is a small part of the crypto market. I'm sure the impact won't be as strong as that made by China.

China is making silly decisions. Even today, they are being crushed against the dollar. But they still oppose bitcoin. Most of the Bitcoin miners went to America. America wants it too. China is making the wrong plan.

I'm curious how long Mexico will be banned for crypto there...

mexico is 100 steps behind el salvador which has made bitcoin as a legal tender. Following in China's footsteps will only make their country worse off in poverty.

In fact, isn't Mexico a country that is planned to be a Bitcoin mining country that uses solar power? I don't think this news can fully be used as a reference to draw conclusions from one party only. Moreover, the news does not have references from many sources. One article or one statement is not enough, so it took us almost a long time to find the truth of your information.

Short term, he said. So how about long term? Will Mexican government change their mind and cryptocurrency will be unbanned then go to legal tender in Mexico?

In addition, don't care about news from small nations, negative or positive. In bull market, news from small nations bring more hype. In bear market or accumulation, negative news from small nations make you more hesitating to accumulate discount crypto.

Small nations in this post are about their positions in cryptocurrency world.

It will give only a short term impact to the price and it looks like the latest dump caused by this news. I guess the market can sustain from the dump and it looks like this dump will have passed by bitcoin easily. Mexico was not so big like china and i think that some people may feel panic but bitcoin is too strong for that news right now.
The ban means nothing for the decentralization. Those countries will know what will be the power of decentralization

no need to worry with mexican banning crypto in their financial system , today we have several good news market which is could drive bitcoin or altcoin price start tommorrow. i heard Germany will allowed 4000 investment fund which is managing 1,8 trilion to invest in crypto market with limitation 20%. If this is started by tommoro i am pretty confidence it will bring alot positive impact to bitcoin price. If compared with Mexico fud , this news should get more attention.

That doesn't seem to be a news that was giving a long term impact. There are more countries started to consider bitcoina as legal tender and this is the process for the countries to be started to consider bitcoin.
This is just a common thing when the regulators getting threatened caused by bitcoin can disrupt the centralized traditional financial system. We will see another good and bad stories will be coming again very soon.
I hope that we will see more countries will try to think to make bitcoin as their legal tender. The impact from this news just temporary

You are wrong guys, bitcoin is banned from the financial system but that doesn't mean the Mexicans can't use cryptos.

What this news is trying to say is the government of Mexico will not see bitcoin as a coin, for them bitcoin is a digital asset, and that means bitcoin can be used as an investment tool, but isn't money, and you can't make payments with it.

Mexico has Bitso, and that's the biggest exchange in Latin America, and for those who think Mexico is a poor country let me tell you how it has some big whales. Carlos Slim is one of them.

Countries That Say No to Bitcoin:
1. China
2. Russia
3. Vietnam
4. Bolivia, Columbia, and Ecuador
5. Mexico

I am not going to relate the $1,500 of price drop with such a news because that much of dump is very normal and the price is actually increased im the weekly chart so this is kind of we ralate all the news with such price movements so it let the movements to go a bit extreme.

A poor and unindustrialized country like Mexico should have made the opposite move regarding cryptocurrencies. Banning cryptocurrencies will not do any good for Mexico. I don't think it will have a big impact on the market.
I can understand why the big states are against it, but I think the small states are making mistakes with these decisions.

I don't understand why more and more countries are trying to hinder, prohibit crypto, fear that people may become financially independent? Mexico is a poor country should instead favor cryptocurrencies that bring enormous wealth should follow the example of El Salvador

This is correct, but it's still a form of ban/regulation, though it's not an outright ban just like the one issued in Nigeria, were Nigerians are allowed to hodl and use crypto, but banks aren't allowed to process or mediate in crypto transactions, either through buying or receiving funds from crypto directly through exchanges, making P2p TX's the only way to buy crypto in Nigeria.

Mexico's ban takes a different dimension and it affects Bitcoin's mainstream adoption, cause citizens of Mexico are now restricted from utilizing Bitcoin as a currency and can only prolly hodl it and change it to fiat whenever they want to spend their funds, it's still basically down to the government being obsessed with control, Bitcoin gives freedom, thus we never expected governments to accept it.

I'd not call Mexico a poor and industrialized country as it's not. But it surely lacks the influence and surveillance capacity Chinese government has over it's citizens. It's not a new development but it has been such for years. The Minister was just reminding it as a bank claimed to accept crypto.
It may stop the bank from taking crypto but not the people. A ban as such aren't taken as seriously in Mexico and won't be enforced strictly. There would always be p2p market for crypto as well as centralized and decentralized exchanges.

I'm not surprising such ban evasion over Crypto. what I believe these countries wants to get attention but literally got no attention and sounded like an absolute idiot. This will help bitcoin a lot, keep getting more attention lol. Here, I would say that's great news!! Every ban helps to boost of crypto.

Mexico is an emerging economy and significantly speaking the impact is smaller than China, but it's still bad news. This behavior of banning cryptocurrencies only accelerates its adoption. If there are moves by governments to ban cryptocurrencies, it means that this is one of the last resources to limit people's drive for freedom. Either way it's a futile effort, nothing will stop people from continuing to do deals with cryptocurrencies.

There will always be debates about the usefulness and legality of cryptocurrencies in different countries, and when a country is led by someone who doesn't like crypto, there will certainly be ideas to block all crypto assets, but on the other hand, I think many have benefited from crypto. the impact of the impending blocking would not last long.

I don’t know about Mexico, in the sense of what significance the ban might have on the future of cryptocurrencies. But China mattered a lot. And this was reflected in the price of BTC. On the other hand, perhaps this is a well-thought-out action and one should expect the price to rise to a new level in the future.

Legalizing of bitcoin happened in many country,it help to rise in the price of bitcoin.When the investment of bitcoin was happened in a country with huge manner.Then the country will legalized the bitcoin and collected the taxes from the people,it's to develop the people.Some government will miss use the money too.

Yes, that's right, there will be debates between various countries regarding the legality of cryptocurrencies,
but that is not a problem, because some of the countries we have seen, countries that think that cryptocurrency is not a legal medium of exchange in their countries.
maybe from there they banned a country in terms of cryptocurrencies.

China has the most mining activity and even though Mexico has lesser crypto mining activity, the fact that another Country disregard and disallowed cryptocurrency from financial  institution's usage and operation it will still reflect with the market's price.

Majority of them will be hesitant to use crypto on today, adoption has somehow lessen and other people will also become confused about crypto's reputation since Mexico decided to ban it.

Not just the future effect but most of these banning news are giving the effect immediately to the market. As they ban crypto, they don't know that there are still a lot of their people that are into crypto and they cannot stop it.

Just as the news about China's ban, there's no one that can stop crypto revolution. It's okay if they'll ban it but they'll never track those people who uses crypto unless they have that massive ban for those websites that are crypto related because their citizens can still use crypto online.

Mexico’s crypto activities may not have much impact on cryptocurrency because of the country’s poor economic viability. I guess the Mexican government is afraid of crypto dominance in their economy so they have no choice but to ban it.

this news was not enough to market panic and as new trigger for bitcoin crash and create new low. from other side there are alot good news that should be trigger for bullish momentum. I am heard one biggest financial institution allowed their customers to buy bitcoin , with huge money managed it could drive bitcoin and altcoin price after really realized.

Countries that ban bitcoin better have a backup plan like their own crypto or they're going to handicap themselves.

Digital money is the future and banks know it. It's either they want their centralized digital money and think bitcoin is a riak because it's already popular, or the country is in such shit that they can't really make their own crypto and are trying to do anything to stop the outflow of wealth.

Mexico crypto community as not big as China or other Asia countries, fud that come from this country only have small effect today. At this moment market confidence start to become positive after we heard some big finance institution and bank will allow their customer to buy bitcoin. Even China have decrease gradually.

As others have said, the impact coming from Mexico market is not that significant to influence the crypto market. Though based from statistics in 2020 - https://www.statista.com/statistics/1195753/bitcoin-trading-selected-countries/, Mexico has approximately about $23.47M of bitcoin trading, but as compared to other countries, it is quite small. However, this is unfortunate for Mexicans who are into crypto. But I am sure, they will find a way how to use their crypto by not alarming the government.

Its only a restriction of Cryptocurrency being used as a payment tools inside the country, its not a new thing, many country still only use their own fiat to do payment because they thing it could lead their fiat value to be decreased. Also, Mexico will not give a huge impact like China or US news.

So they didn't pass a bill or anything, they just said that crypto currencies are "banned". Do they even have  a law or anything? All I can see is that guy was trying to say that you shouldn't use bitcoin because it isn't a legal tender. Not being a legal tender doesn't mean that it is illegal to use, right? They were also just warning people about how "risky" bitcoin investment is. So I am guessing crypto currencies are not regulated in Mexico and if you lose your coins, get scammed or anything happens, the government can't do anything.
I thought we wanted a "global" currency. If Mexico is excluded, its no longer going to be global.

With news like this, not many people will see the market is changing so much and self-government intervention to control and prevent the loss of control over it from the governments of the countries.
However, I must admit that while it is not something new, the impact of such news is bad for the market in the short term.

Technically, there's no harder impact since mexico isn't a big country who adopt crypto massively. However, negative outcomes will follow when FUD will spread worldwide because bigger investors will always rely on the news. When they found out and hear more bad things that's going to exist, they'll going to pull their asset out from crypto that's why it will make everything worst.

In Indonesia, Binance is also prohibited and even cannot be accessed in Indonesia, recently the UK also banned Binance's operations there, but I still believe that one day blockchain technology will be eyed by many countries.

https://www.inews.id/finance/keuangan/setelah-indonesia-inggris-larang-operasional-binance

Negative news like this will definitely affect the crypto but temporarily because in the long run, bitcoin will still exist as long as it remains to be decentralized and big institutions are now moving towards bitcoin.

For me, news about banning bitcoin is not new to us since most of the government are not adopting bitcoin yet. But who knows things might change in the future. As they say, bitcoin don't need countries while countries need bitcoin badly.

Nothing is surprising in regarding to this one.!

Any country could really impose restrictions or bans whenever they do like and when it comes to crypto then it would be really on the hot seat where decentralization would always be a main issue on here.

If after China, Mexico would make such decision then for sure there would be some effects in market price as the situation gets worst but later on eventually it could really recover its price
which had been always the case on situations like these.

I understand that Mexico will make its move to ban the use of crypto because there are a lot of illegal activities on them and it possible to grow more if Bitcoin becomes legal. Because people had used this to hide what they are doing, and that even harder for the authorities to track them. For me, if this only coz the chaos, I have to ban crypto as well.
But what happened to China is a different situation, it is more in personal interest.

Idk, I'm surprised. Mexico banning BTC is unexpected, it's not what a country would do after suffering sanctions and poverty. I think their government will have to discuss it yet. This ban must be temporary and it will be regulated once the country's law is ruled out. Salinas must have woke them up when he spoke about more than 10% of his liquid asset is into cryptocurrency.

Countries from Central to South all have the same problem but now there is BTC as a solution to replace the peso, they chicken out.

Yes, every news about the ban and other restrictions will give a certain influence on the crypto market. However, it will be different in how big the influence is.
And as some other members here said, Mexico is not a big country with big involvement in crypto, so it may not give a big impact on the crypto market. Except that this action is also followed by other countries who going to ban or dislike cryptocurrency. It may be a starting point of another FUD again.

But, be calm and never triggered by this bad news. Always focus on the crypto market and stay calm with the FUD because it will never end.

with the several countries banning crypto does not mean the future of crypto is disrupted, I think the future of crypto will even be brighter because we know that many countries support the crypto world and that is good for the future of crypto. I've read that there are some negative news about crypto and I think crypto is still doing well and getting brighter. so don't care about countries that do ban crypto because until now crypto is still a good thing. the most important thing is not to be easily influenced by negative news about crypto that makes us panic and panic sell, because it will causing losses

Mexico is not like China, bitcoin is not used much and interest is much in mexico.This bad news can't affect crypto, including China's ban bitcoin. The market dropped severely, but then will recover.

This shouldn't sound so panicking to world if Mexico try's to ban cryptocurrency. okay let talk about China what is; has it make the Bitcoin price to drop?

NO!

So a poor nation shouldn't be a threat to cryptocurrency Globally.

We would worry a little if top 10 major countries actually impacting the bitcoin starts banning it. The whole point here is simple, as long as the bitcoin market cap keep pushing upwards with all the wealthy riches and surely those 1% rich, we don't have to worry about the government and their bans. Frankly speaking government is supported by these billionaires through their election campaigns and I would like to believe that most of them make the decisions in the crypto world There are cream layers, bun layer and base layer. The above two are really the one's who are just earning some money, putting their savings into bitcoin in the hope of doubling it and etc etc, The main stuff is at base layer, it's as hard as rock and will never fall after few countries ban it. Not Mexico for sure.

It's always have something to do with anti money laundering or anything related to that meanwhile KYC and AML have long making it difficult for people to launder money
, laundering money in crypto isn't as easy as just sending it, it's even harder to hide trace than paper money and I assume if they ban crypto just because of money laundering reason
they really don't have idea what crypto is, but the again it's not like the whole market gonna go down just because mexico.

Only China has influence on crypto (happened some time ago) but the storm was short and crypto slowly recovered, while other countries in my opinion will not affect crypto, especially Mexico which is poor country
crypto can thrive without countries that prohibit crypto

Yes, even if Mexico bans crypto after china it will not have any effect no country that is completely decentralized in crypto can control it. Its value has declined somewhat as demand has declined however it is expected to increase again this year.

Now after a day it is safe to say that the news about Mexicos ban of cryptos from the financial systems did not have any negative impact on the price as they are holding quite ok and i don't see any movements aside from the normal market fluctuations. I kinda have the feeling that such news don't have that big of an impact anymore like 2 or 3 years ago. I mean the news of chinas crypto ban and the shutdown of mining farms had some impact but that is a exception because china has highest population of all the countries on earth (soon it will be India though) and a lot of the big mining farms are located in china.

Is China really banning crypto? Or is it not much more the case that China wants to curb mining for environmental reasons?

I think China has understood that they cannot ban the use of cryptocurrencies. They already tried to do that in 2017/18 without success. Now they're going after the miners. But I would see it as a total ban of crypto currencies.

Such bans negatively affect the overall state of the cryptocurrency market, limiting the number of people who could actually use cryptocurrency. But at the same time, it shows the inability of the state to compete with a decentralized cryptocurrency in everyday life without a legislative ban on its use.

First China and now Mexico. Now there is a question.
Who's next??

Bitcoin will stay even though there are some countries who will ban it. China?? Mexico?? What country will be next US?? or India?? or Canada?? Does it matter?? Bitcoin is being used worldwide and there are only few countries who are banning it. One thing more is that even though there are countries who are banning it, there are some people who are still involving themselves thru it by using VPN's.

With regards to the effect of this news, knowing that its coming from a popular news article website it might have an impact short term but on the other hand it might not have any effect at all. Well, if the market reacts negatively to it then another buying opportunity :D.

There are other country just don't understand the good benefits of the Bitcoin and cryptocurrency. But since they banned
cryptocurrency there is no impact also to affect the market we have it now too. Besides, as far as I know Mexico is one of the poorest
nation in the whole world now.

It wouldn't have a negative impact on the future of crypto alone, we will right away feel how detrimental it will be if ever Mexican governments continues on banning crypto. Although such sudden events happens, there are also some good news that counters the banning of many countries since many countries are also starting regulate the use of crypto such as Germany and El Salvador. On El Salvador, crypto enthusiasts are encouraged to move to their country and will gain free citizenship as they continue to pursue their investment on crypto while in Germany, it is starting to get regulated on sales and soon we'll see it on other stuffs too for sure.

If it causes domino effects, it will be bad for crypto. I doubt that there is any domino effect from Mexico ban.

Mexico and El Salvador are not biggest nations for cryptocurrency adoption or Bitcoin mining. And now we don't know what is ending of their efforts to make Bitcoin legal tender. They can succeed or fail. Even they succeed, and other nations look at them, want to achieve what Mexico or El Salvador has, there will be localized troubles for each nation.

Legal tender will be a very far future.

Any country that bans Bitcoin or cryptocurrency can be making some news, especially in our industry. I would not agree that we should be belittling Mexico as this is certainly still a country with millions of people which can possibly be market for cryptocurrency but at the same time let's not be afraid if ever Mexico will really be banning Bitcoin. I am hoping though that there will be clarifications in the coming days on the nature and extent of this supposed ban. Let's wait for clear and concise details of what does this mean as far as Mexico is concerned.

You are missing a point here, there was a ban for Bitcoin in China for years and they did not ban them recently as a payment system, if the Mexican government wants to ban the use of cryptocurrencies, either the people has to protest against them and challenge them in court or there are other ways to trade them.

I do not think a ban from the Mexican government will have any major impact in the market. I am expecting many countries to come up with rules and regulations and banning them altogether will backfire .

This bad news already affected the cryptocurrency and didn't you see that about what happened with the price of bitcoin recently? it was going down due to this news and that means it doesn't matter how big the country and bad news will always give the pressure to the bitcoin and crypto. The dumpers will be using it as a way to dump the crypto market.
It may recover but bad news was preventing bitcoin to recover its price even higher than before

Maybe, but not too much. I have followed up with countries where Bitcoin and cryptocurrencies were banned and I noticed that people never stopped using Bitcoin and other cryptocurrencies in these countries, rather the usage even increased and the community got even more stronger. So, banning crypto is not enough to put an end to it, it doesn’t stop people from making use of it, they are still going to continue using it after it has been banned.

I believe that in Mexico now there are still people who are not ready to give up on crypto, they are still continue with it. There are P2P exchanges, so they can continue their trading with that and they wouldn’t have to face any problem at all as long they are being very careful with it.

It is not the same thing, mexico banning did not impacted bitcoin at all, it is a non-issue for the crypto market. Whoever is next, we are fine with the knowledge that the other bigger nations aside from china is already supporting crypto in way of legalizing it. USA legalized it, there are states where people can even use it to pay for stuff legally and just get taxed on it as well, we heard the Miami mayor willing to pay salaries in crypto right here on bitcointalk and many other stuff. Germany just made it so legal that even banks are becoming crypto exchanges.

UK just gave binance a set of rules to follow as well. Basically all in all I have to say that bitcoin is getting very popular with the high end nations. China is the only one that is a big nation financially and still banned crypto, that is why I do not know if it will continue this way for a very long time since they will be at disadvantage because of it so they can backtrack their decision.

Be sure they understand, but it undermines their integrity. That's why states fight cryptocurrencies in general. To put it a little heroically: Cryptocurrencies are the weapons of the little man or woman to resist state control. Of course, states don't like that, so they take countermeasures.

The market is strong enough with that kind of issue. We even grow more without Mexico, without China. They are not that hold the future of crypto so we have nothing to worry about their loss. It is a part of the game, sometimes just to leave and they have the reason as well and certainly, we can't urge them to stop.
But I believe that they soon to come back once everything clear to them, mostly, it is all about security issues especially in Mexico where illegal activities are rampant.

I don't really think so if this FUD news would come to a point that it brings a strong impact to cryptocurrency. Mexico isn't that progressive in terms of economy, so their people will always finds ways to adopt cryptocurrency whether their government like it or not. On China's side, I believed that in the future everything would be fixed and pushing their own currency will not result to worldwide adoption so their option is to go back with Bitcoin.

As some countries are banning crypto, it shows that life still goes on with crypto even without them.
So that means, people can still enjoy the crypto market even without those countries.
Later on, these countries banning crypto will realize that it is their loss and not the crypto community.
They will change their stance and maybe, accept its existence.

I don't know if these isn't fud but recently i saw an article and it says mexico is a "cryptocurrency paradise" and when there's a billioner promote bitcoin,  they warned them that its off limits.. WTH?. ;D

Ok let them ban everything when it comes crypto, who cares?, china banned bitcoin and indeed it didn't make the situation worse like what others expecting, so this is another useless idea to destroy the market, as the matter at this moment were still fine. Lol  

China has already done that sometimes to bring the crypto market down. I don't believe the dominance of the crypto market can destroy the world stock market. it's still too far for now. Or maybe it's the fear of big countries like China and Mexico.
So far, the market is still in a pretty strong state. maybe some people in their country who expect the dump to occur are not satisfied with the correction that occurs. I think something bad news is coming again.

Haha, there is no shortage of bad news in the bear market,one by one,never settle.Indeed Mexico ban crypto is a bad news, but i don't think it will have any real impact on the cryptocurrency market, compared with China, Mexico is just a piece of cake, nothing worth to worry.

you can see at this time the market has no significant impact when Mexico does that, I think it's fud enough like this, mentioning too many countries that prohibit or oppose crypto, however it won't work because the market has its own way of getting back up .

I think it will have no effect. The future of crypto no one can predict with certainty even though there are several countries that prohibit the use of Cryptocurrencies. This (ban) has happened several times, not only in Mexico, but to this day the use of Cryptocurrency is still running.

I'm really surprised by this news. Because I've heard that Mexico was also one of the countries that was thinking about making Bitcoin legal tender. El Salvador's actions played a big role. But I don't understand why it's changed its mind. I think that Mexico is doing really wrong now.

cryptocurrency investors have many experienced to face this fud, from china , elon musk and even huge finance institution to make price drop . But overall all of this fud could not work well due our strengthness and solidity to overcome it. Mexico was not big country which is have huge crypto community ,and their voice were not heard alot by market.

And not just China and Mexico, but United Kingdom as well that they are prohibiting most banks from dealing with crypto transactions, especially the case of Binance. In the future, we would see a divide between countries who are pro and anti-Bitcoin. I’m just glad that my home country Philippines is crypto friendly (and the Philippine Stock Exchange is planning to add crypto exchange once the regulators are signaling a green light).

But who cares about Mexico’s latest move? No matter what they do, Bitcoin is here to stay. It’s their loss, and they should realize it.

There are 200+ countries and territories in the world and all we need is just one country where cryptocurrency is legal. The reason is that cryptocurrency is a digital asset and it doesn't exist in physical form. So even if cryptocurrency is legal only in one country, all the exchanges, miners and other businesses can move to that country, and operate from there. Furthermore, they can serve the users in other countries from there. And even if cryptocurrency is banned in all the countries, there are certain loopholes where exchanges can operate (for example, using Dex sites based on TOR).

I totally agree with your opinion, I really believe in Cryptocurrencies and in the future maybe as you said there will be 1 country which legalize it so we can move to that country to regulate everything, and for now from 200++ countries there are many They Those who are still optimistic about Crypto include big countries in America and Europe, which I hope there will be no participating countries like China and Mexico.

If China bans cryptocurrencies and forces all miners to cease their operations and nothing really happens, what then in the world can Mexico do to cryptocurrencies? There are other reasons in those countries. They want to force their citizens into using their national currencies and not safe their assets in cryptos where nobody can get a hold of them except for the citizens themselves. No surveillance, people could flee the country. If there was a real wave of bans among economically important nations I would be more concerned, but even then the incentive for smaller nations is so strong to offer loopholes, the bans won't happen.

What impact it can have is just a little shock, and Mexico’s ban is not important. China, Mexico, even if some countries make such meaningless decisions, Bitcoin doesn't care! Bitcoin never needs to depend on the country, we need Bitcoin, and Bitcoin will always exist.

although china and mexico forbid it, but the evidence is that until now cryptocurrencies are growing, and I see that those who use crypto and those who leave crypto, more numbers are coming to crypto, therefore I personally don't need to worry about the future, but of course we have to choose safe coins

There is a very small chance of a global ban on cryptocurrency. But the chances are really low. Take the Biden administration's latest move to impose a global minimum corporate tax. After months of intimidation and blackmailing, only around 60% of the countries have accepted the proposal. When the Americans can't get even smaller countries to accept their demands, how do they expect 100% compliance with any possible cryptocurrency ban in the future? Countries which value individual liberty, such as Switzerland are just going to reject the proposal.

I believe that, that move by the Mexican Government was a power play. In El Salvador, It was the Government that took that decision to make Bitcoin a legal tender and not just one Billionaire that owns a Bank. So I believe that the government is saying if anything like that is going to happen, that will be from them the Government not from an Individual. Eventually, if Mexico is still going to adopt Bitcoin, that will be from the Government itself. 

The officials are just pissed, because the billionaire mentioned here (Ricardo Salinas Pliego) announced that his bank (Banco Azteca) will start accepting cryptocurrency, before they got permission to do so from the government. As far as I know, Bitcoin remains fully legal in Mexico. But banks can't deal with any currency other than the Mexican peso. In El Salvador, things were different as they don't even have a national currency (the Salvadoran Colón exists only in history books) and the US Dollar was widely used by the population.

Countries like Mexico whose economy itself is not very wealthy should actually need cryptocurrency to help them more, but instead they banned the transaction of cryptocurrency instead of guiding the masses to use cryptocurrency correctly. Corruption in Mexico is very serious. Perhaps they are banning cryptocurrencies because they are afraid of people with bad intentions using cryptocurrencies to do some illegal things, but even if a country like Mexico prohibits transactions, they cannot restrain the masses below. The transactions will still exist and will not affect the cryptocurrencies. The impact on the market is extremely small. In fact, if Mexico can reasonably use Bitcoin and other cryptocurrencies, it may be able to alleviate the serious domestic inflation. However, these government officials are always full of unknown things that they cannot control. In addition to the psychological resistance, the trend of the blockchain era will eventually change the world. If it does not conform to the trend of the times, it will eventually be abandoned by this era.

Yes! Mexican financial institutions are not allowed to conduct and provide public operations with crypto assets, such as bitcoin, ether, XRP in order to maintain a healthy distance between them and the system financial system. According to the current rules, cryptocurrencies are prohibited from being used in the Mexican financial system, emphasizing that the ban is likely to remain unchanged for the foreseeable future. Maybe it will benefit Mexico right now, but it can cause the central bank to accidentally put dirty money in its vault, so it also faces a lot of criticism.

China has indeed banned crypto very often, I have heard this news very often, but now Mexico is also banning crypto, I think there are fewer crypto users in Mexico than China, I believe the negative impact will be very small for the crypto world

it doesn't matter that much..if you bans something that people actually want, they will still find a way to get what they want. porn,drug etc...the sentiment is good, in my county people who have crypto wallet or registered on crypto local exchange have an uptrend..in like 1,5 years there already 6m people have it..

China already bans bitcoin several times in the past years...they will ban it again sometimes in the future

there will be as long as countries that reject and accept crypto money both in the future and the past depending on us observing the market, look for and calculate good opportunities.

From what I can see on coinmarketcap, there isn't much change on crypto market, in fact there was an uptick. You cannot compare Mexico to China on any scale

So does that mean that it is not a blanket ban rather the government will not allow the banking system to accept cryptocurrency? . If that is the case then it is more than welcome as you really do not a banking system for the cryptocurrency market, all you need is to give the users the freedom to send and receive money without restrictions and if they can take care of that, it is more than enough.

It's still a bad news when we see a country gives a ban to cryptocurrencies. We don't want that to happen because what we really want to see is that more countries adopt cryptocurrencies.

But it's true that the scale of China is bigger than Mexico. It is because there are a lot of related companies into cryptocurrencies being found there.

While they are forbidden somewhere, we create quite comfortable conditions for crypto projects, and the technology is being adopted!

A bank card in bitcoins may appear in Ukraine during July
In July, the Ukrainian mobile bank monobank will issue bitcoin cards with which customers can buy and sell cryptocurrency. This was announced by the co-founder of the company Oleg Gorokhovsky.

The bank will also integrate with an unnamed cryptocurrency exchange. According to ForkLog sources, the WhiteBit exchange will act as a partner of monobank. According to Gorokhovsky, the development of the project has already been completed and is awaiting approval from the National Bank of Ukraine.

I agree with you, Bitcoin/ALts do not need these country, days will come this country beg to have cryptocurrency because time will come, their monetary system will become bankrupt, and they need to survive only crypto can do that for them.

Mexico is one of the countries with a large level of the cocaine trade, what happens in cryptocurrency is adopted there, of course, it will be tracked wherever the illicit funds are directed and of course, the Mexican government is also involved in that so don't be surprised if they are banned cryptocurrency.

looks like the impact of what Mexico is doing is not big. maybe because there are not many companies and crypto market players from there. very different from what happened because of China.
the market is currently getting stronger. maybe the impact will last for quite a while because altcoins also strengthen with bitcoin. Unlike the previous situation, the altcoin market is growing quite well.

I think we no longer need to worry about what these.countries.are doing, especially what China is.doing because they have banned bitcoin circulation.in their country since yesterday, so we don't need to think about what they will do, because this is.a trade. global market, sometimes the price will go up and down, depending.on how the current market conditions.are

It's good that in anyhow the impact just like what you have said is not that much compared to how China impacted the entire market, there' are fewer players which been affected by this news.

Also, with how those known alts that now showcasing their worth, investors are working with it and not just tied mostly with Bitcoin.

This kind of news brings interest to those newcomers who are seeking for  good place to invest. Learning the process and understanding all the potentials will move them to ride with this market.

this is our future , cryptocurrency  have many benefit if compare to fiat or other payment gateway. COuntries who banned bitcoin or other cryptocurrency actually  didn't realize how big market potency to give some contribution to government , moreover from taxes that applied to crypto investors or traders. most of countries busy to block this ledger technology development

I'm getting bored, why the hell same thing happens every time when market start growing. I'm expecting good days for cryptocurrency market are waiting. No matter what, crypto market moving forward and replace back dated decisions made by different government.

When you pay attention to these monstrosities, you can think about global manipulation or say, every time crypto grows there is no stopping, governments demand that it narrow down these powerful lights before it becomes the source of social madness and damages some economies but these can only be said to be temporary freezing processes, when the temperature of crypto increases, the rules of cooling will be broken. Mexico is also not the kingdom of crypto, their ban cannot blow up the crypto market

As long as there are many countries that accept and support crypto then the future of crypto will not be threatened, I think only a few countries ban crypto compared to countries that accept crypto and it will have no impact on the future of crypto. All countries have their own policies for banning or accepting crypto. I feel lucky because my country is a country that can accept crypto so I feel more free and secure in following the crypto world, and I will use it well so that the results that can be obtained are also good.

ftp://A ban by a country is natural and I agree with you even though mexico bans it doesn't really affect the price because there is no boom there. in contrast to China, where the majority of bitcoin miners are there and it threatens the crypto world.

The Panama government  behavior will not affect Bitcoin much. After all, Panama is a small country. This is just a government action. At present, the mainstream cryptocurrency market is in the United States, and many institutions and wealthy people have invested in cryptocurrency. I believe the market will get better and better in the future.

it's commonplace fud drama the Chinese government keeps trying to do that already happened last year which made the market enter the bears market the longest it made the price of bitcoin fall for a very long time making almost everyone frustrated it's very severe it's very likely that other countries will also follow because china is very influential on the price bitcoin and the market is in a bad state so that everything is going down it could be that other countries are also doing the ban for bitcoin in a large and influential country in the near future.

The prices collapsed in 2018 not because of the FUD, but because of the scams in ICO sector. There is no point in not taking the responsibility for what happened in 2018. The signs were pretty obvious back then, as some of the shitcoins like TRX had accumulated market caps of tens of billions of USD. Actually, I can see the same happening now with Dogecoin managing to cross the $50 billion market cap (something that alts like TRX failed to achieve in 2018). When the market crashes, almost always it is the alts that are responsible. 

That is not entirely correct. Bitcoin as far as I can recall (too lazy to look it up) dropped from around $20k to around $3k. The shit coins just got wiped out entirely in terms of market cap, which is a good thing to happen.

I agree with you though that the FUD had nothing to do with it. We see that today as well that bad news (or whatever you want to call them) don't really do that much to Bitcoin. Bitcoin has become quite resilient for a while now against all types of information trying to attack it.

What I also fully agree with is that a couple of things exactly feel like 2018 with one being that as you said a coin like Dogecoin can go beyond $50 billion. We will find out where this ends I guess. :)

Mexico does not count in terms of market moving than what China can , Every Negative news that china will create will surely shake the market but what about this mexico banning the use of cryptocurrency ? if its not from you we will never heard about this lol.
this means only one thing , That Mexico will never take effect no matter what they stand for crypto not like big countries like US or China that will surely make difference.

there are so many countries in this world and I think it won't affect the crypto world so much. I mean, of course, it can affect the price movement at that time but rest assured cryptocurrency will be strong enough to mend all of that. Let's take the China case, for example, within these years, China already done some banning to the crypto world, every time they did that the price was affected, but not permanent. Finally, in 2021 they banned crypto wholly. Thou' we haven't seen any significant recovery now, but I believe it'll recover eventually. Why? because crypto is decentralized. There is no single country in this world that can't stop a p2p. There's always a way when there's a will. So, chill and use your seatbelt. It's gonna be rough but we can through it.

Panama? What are you even talking about man? This thread is about Mexico!

By the way: https://www.coindesk.com/panama-to-present-crypto-related-bill-in-july

In that article you can read how Panama also is seeking to establish Bitcoin as legal tender.

Mexico has no power like CHina . When mexico fud release its have no impact at all, at this moment cryptocurrency market centralized in China. every negative news from this countries will directly shake the market, but the good thing was  miners start distributed to several countries and not centralized again in CHina. So it will bring the balance to crypto market, for long term it be good fundamental.

Bitcoin has always proven itself in the most dire of moments. Let us remember about Mt Gox and then about the civil war supposedly going to destroy Bitcoin in 2017.

What happened next in both those times is not merely Bitcoin surviving, but pushing up stronger to new heights and not looking back.

This is what's so scary about Bitcoin, it LOVES FUD.

It's usually the case that when crypto is the talk of the town, regulators and governments start cracking down on crypto. You rarely read such actions in bear markets, but always in bull markets. It's a striking pattern if you look at the last five to six years.

This is bad news for crypto, we would always want a global adoption but with the news that there are some countries who already started to ban crypto, then it would not help to achieve a stable future. Bitcoin will still exist despite bad news but the volatility will remain as there the bigger adoption that we dream will not likely happen due to regulatory hindrance.

I agree with many opinions here that mexico is a country where the number of crypto transactions is very small, although this is certainly bad news that can make investors panic and immediately sell bitcoins.

This news will not have a significant impact on bitcoin price movements. Because there are not too many miners and crypto users in the country. Especially as long as there are VPNs, people should be free to trade crypto lol

When we take into account the big picture it does not really matter, Mexico is not really a country that has a lot of miners, users or exchanges but this show us who they are as a government, the fact they are following the same steps as the ones that are being taken at China should be more than enough to tell us the kind of government that is in power, they want to achieve the same thing which is complete control of the economy, but bitcoin will never allow this.

In my opinion, Mexico banning Crypto will not negatively affect the future of crypto. a lot of negative information that was built especially by the rich in mexico who only to manipulate the market for his personal gain. Therefore, it does not have any impact on the prohibition of cryptocurrencies in Mexico, in fact the crypto market continues to experience a Bull Run.

already seen so far, even moments after this news in the market publication experienced a pump yesterday. there is no big impact from this news.
I even think that in the future, countries that carry out crypto prohibition regulations in their countries may adopt crypto developments in their home markets. it will obviously be later than a country that accepts crypto well. the development of the blockchain and the crypto market will be huge in the future. we are waiting for that moment.

Im not sure that Mexico has a lot of hash power for big impact from this decision

Mexico has not proposed any new regulation to limit the ownership or trading of cryptocurrencies. One of the billionaires organized a press conference a few days back and claimed that his bank will start accepting Bitcoin. The central bank came up with a clarification that the bank mentioned here is not allowed to do so, as it is against the existing banking regulations. It is clear that the government hasn't introduced any new law against cryptocurrency. Obviously for the clickbait driven posters here, they are very talentful to convert such irrelevant stories to catchy titles.

Bitcoin has nothing to prove out because the ones who do lead out is the community itself.As long the demand is there then bitcoin cant really be stopped no matter what even
if they would continue on banning it from here or there it wont really matter as the demand wont really be stopped and this is the bloodflow on where this economy would
really continue to live out on future years to come.There might be some effects but doesnt mean that it would die out completely.
Bitcoin would stay and no matter how government would do all sorts of things like banning and prohibiting everything but they would still fail.

This is not the first time china ban crypto, and I think there is a conspiracy regarding this lifting and banning cryptocurrency, more often this happens mostly between or after January to June and after those months they will again lift the ban, which is like a cycle for them, china is making money by doing those things, and it affects the whole world, so I'm not surprised by that, for Mexico they maybe thought that it's being used for illegal activities, and other things, but this bans will not last long for sure.