This post is also available in: Español
Many companies in Mexico have plans to implement the idea of cryptocurrency as alternative means of payment. However, Mexican regulators are slower to adopt the use of the blockchain. To many, this shows a failure of the government to ensure the integrity of the state’s economy, politics, and society.
Entrepreneurs and businessmen alike show approval of the tech, one example being Raymundo Peralta, the creator of the Interbank Electronic Payments System (SPEI – original initials) used by the Bank of Mexico (Banxico) to enable electronic banking in Mexico, in an article by Forbes Mexico, stated:
“I would prefer the systems to be public and open to know, as soon as possible, if there is a problem, and to have as much time as possible to react. It’s always good to put physical restrictions on these types of systems. Making them too fluid could generate more problems than solutions.
However, specialists in the areas of education and investors in the country are fascinated with the potential of Blockchain technology and smart contracts. There is no doubt about this since there are more and more sectors of the national production that seeks to add with the blockchain technology.”
The speed of adoption between governments and businesses are apparent. A report in El Universal México exposes the position of BankCoin.Global, a Mexican platform that aims to facilitate the use of blockchain technology but cannot work in its country because of legal restrictions. The Mexican education system offers a large number of courses, educating the next generation on the technology of the future.
Although the government is slow to adopt, they have shown trust in the technology. The federal government of Mexico implemented their first use case of blockchain in August, creating a bidding platform to support their legal system. They are also tracking bids for public government contracts using the blockchain.
Although Mexico, like many other countries, is currently in the implementation process, Mexico has the potential to be the Latin Fintech epicenter. Their new government knows that the collaboration of Fintech and banks is necessary to grow as a nation.