The banking company, Tauros claimed that they would accept payments from their customers in cryptocurrencies if, the customers use their debit cards.
The banking firm announced that their new digital accounts would let customers deposit money via tokens like Bitcoin and will also accept fiats. Although the new card currently allows Mexican Peso transactions only, “in the coming months, customers will be able to make payments in cryptocurrencies such as bitcoin.”
Tauros claimed to have a solution to the problem of cryptocurrency being considered illegal in Mexico. Reportedly, El Universal stated that the company had commented that the Mexican government recognizes cryptocurrencies as a “means of storage or value transfer, with which payments can be made.”
Many onlookers have predicted that even with the introduction of the new fintech laws in Mexico, the demand for cryptocurrency payments would likely increase, in the coming years.
The new regulatory laws will dramatically outlaw many classes of e-wallet for payment platforms like PayPal. They are clashing with the accelerated growth of fintech activities in the country.
The Mexican Peso has been dropping low continuously for the last 8 months against the U.S. dollar, and the central bank is all set to reduce the interest rates. Under such circumstances, crypto may be the only way to replenish the country’s economy.
As per Global Digital data’s survey, conducted a year ago, around 6% of the surveyed Mexican internet users were owners of cryptocurrency; that was the world’s 16th-highest figure while crypto ownership among the surveyed internet users in Colombia stood at 7.7%.
Mexico’s interest in cryptocurrencies is outranked by Brazil and Colombia only. However, the crypto-fever seems to be spreading fastest in the Republic of Colombia.
Many companies are embarking on crypto ventures considering the rapid growth rate.
One of the many companies who had officially declared their crypto venture plans was, Paxful. They were looking to install 20 new Bitcoin ATMs in Colombia, in partnership with the crypto ATM Company, CoinLogiq.
Hoping that the customers will be keen to flee from fiat to crypto, Paxful stated:
Colombia is our main market in the [Latin American] region. Last month, we processed 30,000 cryptocurrency transactions with sellers located in Colombia. This year, we have seen a growth of 65%, and over USD 1 million has been processed on our platform.
Previously this year, Amero-Isatek, announced to give Mexico its first physical cryptocurrency exchange in Nuevo León, Monterrey, and seven other locations across the country. The company had estimated that it would serve over 800,000 crypto users in central Mexico alone.