Mexico | 2021

Cryptocurrency adoption and trends in Mexico in 2021

2.50

%

of Mexicans
own cryptocurrency

How many cryptocurrencies owners are there in Mexico?

It is estimated that over 3.1 million people, 2.5% of Mexico’s total population, currently own cryptocurrency.

How do Mexicans view cryptocurrencies?

40% of Mexican companies are looking to adopt blockchain and cryptocurrencies in some form. Out of this segment, 71% are focused specifically on cryptocurrency usage.

Mexico – next Latin America cryptocurrencies hub?

Mexico’s leading cryptocurrencies exchange, Bitso, recorded a 342% increase in trading volume in 2020. Bitso also announced it had surpassed 1 million users on its platform, of which 92% are Mexican.

In the eight months between September 2019 and May 2020, the trading volume of Mexico’s leading cryptocurrencies exchange, Bitso, grew by 342%, according to the exchange. Earlier this year, Bitso announced it had surpassed 1 million users on its platform, of which 92% are Mexican.

Like other countries, cryptocurrencies is used primarily for speculation and trading in Mexico, Cadenas said. But the multibillion-dollar flow of remittances into the country, particularly from the U.S., and the difficulties involved in money transfers, have created a unique business opportunity for cryptocurrencies platforms that promise to make transactions easier and cheaper.

Another reason why cryptocurrencies might be an appealing option to a population that feels exploited by traditional financial services is that even though cryptocurrencies platforms are regulated in the country, there is no comprehensive framework on how it’s taxed.

Cryptocurrencies’s rising popularity in Mexico

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