Mexico is an excellent market for any cryptocurrency user. You can find several options for getting in and out of the Bitcoin ecosystem. Latin America is a key market for Bitcoin adoption.
In the United States, Bitcoin is used for speculative investment. However, in Mexico, it’s easy to just go to the local 7-Eleven and get involved in the Bitcoin world. Even though most Mexicans don’t have a bank account, there is plenty of adaptation to smartphones and computers.
Is Bitcoin legal in Mexico?
You won’t find any restrictions on using bitcoin and other cryptocurrencies in Mexico. Still, some laws define how people and companies should use this financial technology. For example, businesses must explain the risks of crypto assets to their customers before purchasing any products. The government wants to ensure that Mexicans understand the risks of the market and not just be part of the global financial experiment. Individuals don’t need to worry about the use of cryptocurrencies. Still, they should be aware of capital and taxes, which remain unclear.
Cryptocurrency can’t be used as legal tender in Mexico. In other words, merchants can’t process payments in crypto coins from customers unless they are willing to accept them. Anybody dealing with a cryptocurrency exchange or another related business must check the regulations in Mexico. Also, review the law regarding money laundering.
How to buy cryptocurrency in Mexico
You can find different options for buying crypto in Mexico, from traditional methods to centralized exchanges and peer-to-peer platforms. The most exciting part of the market is the integration between Oxxo and 7-Eleven stores. The stores permit anybody to buy bitcoin at several physician locations all over Mexico. In this case, there is no need to access a bank account. Once you purchase bitcoin, you get a receipt with access to the cryptocurrency. Then, you have three days to claim it. You can also exchange through Bitso for a 2.6% fee. Oxxo Pay also has Paxful, which provides the option to get bitcoin in a P2P manner. Also, you can access Bitcoin ATMs throughout Mexico, especially in tourist destinations.
What are the best Bitcoin exchanges in Mexico?
Coinbase and Kraken cryptocurrency exchange platforms are available in Mexico. They are the best alternatives for trading cryptocurrencies with low fees, liquidity, and access to the best deals. The local platforms are Bitex and Bitso, allowing cashing out through AstroPay.
Mexico Tourist Card
Mexico is the land of bitcoin and cryptocurrencies. Why don’t you take your chances and travel to see the market with your own eyes? Make sure you have the [Mexico Tourist Card]. Although this official document isn’t a visa, it’s mandatory for all incoming visitors. iVisa provides a fantastic platform to process your digital application. Complete an online form and wait for the travel document in your email. Don’t worry about anything because customer service agents are ready to help you with your questions. They are available 24/7. Travel to Mexico now.
