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

[ILuckyGuyI]

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.

[viananda2525]

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 .

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.

[cheezcarls]

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.

[bryant.coleman]

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).

[Baimovic]

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.

[no-ice-please]

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.

[dota2bestplayer]

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.

[mamahdedeh]

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.

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

[Sithara007]

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.

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.

[Henrobakkara]

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.

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. 

[Vishnu.Reang]

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.

[John Jefferson]

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.

[bussybuddy]

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.

[Bay_Harbour_Butcher]

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

[panjay]

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

[Silver80]

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.

[Jaered]

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

[ene1980]

~
 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.

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.

[livingfree]

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

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.

[DrBeer]

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
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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.