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

[tyz]

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.

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.

[tvplus006]

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

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.

[LogitechMouse]

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 .

[kramchers]

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.

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.

[sapnu]

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.

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.

[MusaMohamed]

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.

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

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.

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.

[DapanasFruit]

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.

[SaShiRaJaVu]

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.

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.

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

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 .

[bitkanu]

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 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

[SirLancelot]

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.

[TheGreatPython]

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 .

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.

[tyz]

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.

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.

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.

[Yamifoud]

I'm not surprised if there are restrictions from other countries like Mexico. banning cypto users for the financial system is reasonable. this will not have a negative impact on the future of crypto as long as it can still be used for investment.I believe cypto will always live even though there are some countries that strictly prohibit it.

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.

[Cherylstar86]

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 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.

[TimeTeller]

I'm not surprised if there are restrictions from other countries like Mexico. banning cypto users for the financial system is reasonable. this will not have a negative impact on the future of crypto as long as it can still be used for investment.I believe cypto will always live even though there are some countries that strictly prohibit it.

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.

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.

[Ararbermas]

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?.

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  

[Sendi blackspade team]

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?.

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.

[laohe628]

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.

[inanilujimi]

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 .

[indah rezqi]

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 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.