Millions of Visa-accepting stores in Mexico can now take crypto

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Back in January 2009, the world woke up to 2 new terms; a name ‘Satoshi Nakamoto’ and a term ‘Bitcoin’. It didn’t take long for the world to accept the ‘Cloud Money’ with hoards of the population rushing to claim their piece of the ever-growing money.

services involving virtual assets is an activity classified as vulnerable to money laundering.  Although not being a legal tender in most nations at the time, Bitcoin became popular, and triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.

In what was termed as a reformist move, In March 2018, Mexico’s central bank has been granted broad powers on virtual assets, by the issuance of stringent regulations to be published within a year from the enactment of the law.

In a recent move, a cryptocurrency exchange based in Mexico, Tauros, an old Player in Mexican Finance, has moved to launch a crypto debit card. The card be used at any Visa-accepting store within Mexico by any Tauros account holder.

It is a Visa debit card, which can be used at any store in the country including restaurants, online shopping, retail and more, with an immediate conversion from crypto to Mexican pesos. 

This will open gates for the Mexicans to dump the traditional financial transactions & open themselves to a world of cryptocurrency tenders by providing them a very user-friendly way to spend Bitcoins, Dash & other cryptocurrencies. 

It is worth noting that there are no physical ‘Bitcoins’ that the users can possess. They can only have hands on an electronic ledger which will tell them the value of the crypto-currency that they hold. 

Ernesto Contreras, head of business development at Dash Core Group, stated that its deal with Tauros and Visa could not have come at a better time.

“Since the coronavirus pandemic has changed social distancing norms as well as the payments landscape in 2020, products like these demonstrate how crypto can help businesses meet the demands of the contactless or ‘low-touch economy’ new normal, he added. 

Read more: Trump banning TikTok may be a blessing for Bitcoin

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