After China, Now it's Mexico's Turn to Ban Crypto

[awakpane]

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.

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[Mpamaegbu]

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!

[KaliLinux]

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. 

[mindrust]

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.

WHO CARES?



Bitcoin is bigger than China or any country for that matter. Some country decides to ban bitcoin? Fine. We can move on without them. Nobody cares. China, USA, Germany, Nigeria, India... it doesn't matter. Bitcoin is bigger than all of them.

Bitcoin don't need countries.

Countries do need bitcoin.

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.

[mindrust]

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.

It will not be good if those countries ban crypto because it will affect bitcoin value very well and cryptocurrencies generally will be affected, especially USA, but I do not think those western countries can ban bitcoin or crypto, they like to regulate it. Mexico is not rich, even crypto can not have effect of price devaluation in any bad crypto news from the country of Mexico.

Did you understand what I just said?

Bitcoin don't need those countries.

Those countries need bitcoin.

I say:

BRING IT ON!

[masterrex]

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.

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.

[jrrsparkles]

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.

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.

[husdemba]

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.

[iTradeChips]

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.

[mu_enrico]

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.

[distr@yopmail.com]

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.

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.

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.

[yazher]

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 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.

[TWW]

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.

[Fivestar4everMVP]

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.

[Sendi blackspade team]

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.

[jesselui]

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.

[Renampun]

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.

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.

[Fesatmas]

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.

[MusaMohamed]

Those bans are not expected to be lifted in the short term, Herrera said during a presentation to the Financial Action Task Force, a global anti-money laundering group.

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.

[bitkanu]

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