Donald Trump Vows to Clamp Down on Mexican Remittances
American real estate mogul and presidential hopeful Donald Trump has announced his intentions to impound all remittance payments derived from “illegal wages” and increase fees on all temporary visas issued to Mexican CEOs and diplomats. Trump also vows to increase fees on all border crossing cards – of which we issue about 1 million to Mexican nationals each year - and increase fees on all NAFTA worker visas from Mexico. The majority of migrant Mexican workers send most of their salaries back to Mexico to their families. According to the World Bank, three of the most frequently used....
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As Trump Targets Mexican Remittances, It’s Time for Mexico’s Government to Get Serious about Bitcoin
No country had more to lose from Donald Trump’s presidential victory than Mexico, an economy that heavily relies on remittances from the United States. Mexico received $24 billion in remittances in 2015, the country’s largest source of currency after direct investment. The Mexican government has been bracing for this blow and has taken steps to shore up its finances. The impending fallout should give the Mexican government reason to pay more attention to progressive cryptocurrency regulation, considering Mexicans working in the U.S. will have limited recourse for sending money back to....
New weekly trading volume charts on LocalBitcoins show Mexico has a great appetite for cryptocurrency. The Mexican banking sector is going into some contingency mode right now. If Donald Trump were to win the presidential elections, the banking system in the country would come under a lot of pressure. Financial regulators have ordered all institutions to conduct stress tests modeled after a Trump victory. At the same time, Bitcoin adoption in the country continues its upward trend. Ever since Donald Trump mentioned his plan to block remittances from the US to Mexico if he became president,....
– he failed to demonstrate his understanding of the Internet and contemporary, borderless commerce. If it’s not remittances, immigrants in the US will figure out a way to send their money home if they want to do so. For now, it’s not going to be Bitcoin. But, if Trump does block remittances, you better believe that sooner than later increasing numbers of remitters will look into this blockchain technology. Knowing crypto-currency enthusiasts, they’ll likely troll Trump with Wallcoin. Or “Wall: The Blockchain Solution That Knows No Walls.” There’s already “Trumpcoin.” Trump wants to use a....
Bitso a Bitcoin to Mexican Peso exchange, which uses the popular cryptocurrency to let Mexicans freely trade dollars and pesos in and out of Bitcoin. Donald Trump has been facing a lot of backlash over his idea to build a wall around Mexico to halt the remittances flowing from the US to this country. While it is evident Bitcoin can easily sneak around any artificial wall, Mexican Bitcoin startup Bitso raised US$1.85m to provide better remittance solutions. Attacking the remittance payment industry is never a smart idea, and Donald Trump will come to that realization at some point in his....
Last week, President Donald Trump signed an executive order to build a wall along the U.S.–Mexico border as he had promised during his presidential election campaign. Aside from the ethical and practical issues of building the border wall, the issue of how it will be financed was also raised by opponents during his campaign. Trump’s proposed solution to funding the wall is either to heavily tax U.S.–Mexico remittances or to fully prohibit them altogether, so that the funds needed to build the wall will stay in the U.S. According to the World Bank, U.S.–based Mexican immigrants send around....