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

[NewRanger]

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.

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[asriloni]

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

[seoincorporation]

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.

[_MrTuyul404]

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

[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.

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.

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.

[Balmain]

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.

[devil2man]

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

[Coyster]

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.

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.

[tsaroz]

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.

[mrjoy15]

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.

[Mihawk]

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.

[bison]

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.

[fvb]

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.

[bocyaj]

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.

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.

[apa don]

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.

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.

[maxreish]

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.

[sunsilk]

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.

[BIN-BIN]

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.

[viananda2525]

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.

[pixie85]

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.