Mexico’s growing interest in cryptocurrencies is noteworthy. Lately, the country installed its 14th Bitcoin ATM inside the Senate Building in Mexico City, the country’s capital city. This is a huge move for Bitcoin and cryptocurrencies in general. To date, the other cryptocurrency ATMs were located in the Mexican cities of Cancun, Guadalajara, San Miguel de Cozumel, Aguascalientes, Culiacán, Tijuana, and Mexico City.
The increased enthusiasm of Mexicans for cryptocurrencies is interesting. Recently, El Heraldo de Mexico reported that after the Bitcoin ATM was installed, a PRD spokesman declared that Bitcoin transactions in the country had exceeded the transaction volume of payment methods like PayPal, Visa and Mastercard. This might be a one-of-a-kind feat for Mexico. Apart from Mexican citizens, 40% of the country’s companies are interested in using cryptocurrencies and the blockchain in some or the other way to benefit their business. 71% of these companies are willing to take up cryptocurrencies for fund transfers.
The inauguration of the Bitcoin ATM building is noteworthy as it will allow officers to familiarise themselves with the way Bitcoin transfers, payments, and the blockchain work before Senator Indira Kempis declares Bitcoin as a legal form of transactions later this year. The country is reportedly working with an enterprise Bitcoin ATM manufacturer named ChainBytes to get Mexican lawmakers on board. Since most of Mexico’s legislation is quite unfamiliar with Bitcoin transfers and transactions, the new Bitcoin ATM will act as an incentive to familiarise these officers too. This will make Kempis’ work of pitching the idea easier for the state.
Mexico’s rising interest in cryptocurrencies is trend-setting and will encourage other countries to pick up cryptos as a legal form of transactions too.