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

[jambul_kribo]

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.

[Twinkledoe]

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.

[Meta anggraini]

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.

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.

[adzino]

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.

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.

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 thought we wanted a "global" currency. If Mexico is excluded, its no longer going to be global.

[kaseygriffin]

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.

[senyorito123]

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.

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.

[kurniawan05]

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

[Kasabus]

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.

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.

[Hamphser]

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.

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.

[Distinctin]

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.

[cabron]

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.

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.

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.

[Rengga Jati]

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.

[chanler]

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

[hichamito37]

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.

[KryptoKings]

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.

[so98nn]

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.

[poodle63]

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.

[reza7777]

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

[Xinarae*]

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.

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.

[Jackl87]

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.

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.