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Mexico expects cryptocurrency boom by the end of the year

With the approval of Mexico's new Fintech Law, investors are expected to bet on cryptocurrencies

Mexico expects cryptocurrency boom by the end of the year
Banco de México (BANXICO) launched a public consultation where the possibility of cryptocurrencies being accepted as a payment method is being taken into account - Photo: Dado Ruvic/REUTERS
English 15/09/2018 18:39 Notimex Mexico City Actualizada 18:40
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Mexico will experience a cryptocurrency boom at the end of the year, thanks to the Fintech Law, which came into force this week with the publication of the first section of the secondary provisions, said Amir Manzur, founding partner of Cubobit, the first company for Cryptocurrency Exchange and Advanced Trade in the country.

The entrepreneur claimed that Mexico is prepared for cryptocurrencies and expressed his optimism regarding the impact that the publication of the secondary regulation of the Law to Regulate Financial Technology Institutions (Fintech Law) will have on the sector.

This, he said, will translate into greater confidence from people using the services of the Fintech sector, in addition to the fact that Banco de México (BANXICO) launched a public consultation where the possibility of cryptocurrencies being accepted as a payment method is being taken into account.

The new Blockchain technology gave way to create digital money and consequently became known for its reliability and security.

New investors betting for Bitcoin caused its price to rise in December 2017 and, according to Cubobit, although bitcoins have been depreciating this year, it is a great moment to invest in this type of currency, now that prices are low.

"People tend to buy cryptocurrencies when prices are higher, this must change," he said.

Losses come when someone decides to sell and does not wait for their assets to rise in value. Bitcoin was worth 800 dollars at the beginning of 2017, now it is worth around seven thousand dollars, it is necessary to foresee the historical value, considered Manzur.

He said that, just like physical currency, "at the end of the year they experience an upward trend and the enthusiasts of trading and the crypto-markets make investments in Bitcoins or another currency, therefore they can generate good profits."

Cubobit operates through a web page that works for all devices and allows the exchange of assets nationally and internationally, since it has contact with exchanges from other parts of the world, so buyers and sellers of cryptocurrencies are in constant contact.

By cell phone, tablet, laptop or PC, users can do instant operations through an account and sell in Mexican pesos: Bitcoins, Bitcoin Cash, Ripple, Ethereum, or Litecoin.
 

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