Mexico | 2021

Digital currency adoption and trends in Mexico in 2021

2.50

%

of Mexicans
own digital currency

How many digital currencies owners are there in Mexico?

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

How do Mexicans view digital currencies?

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

Mexico – next Latin America digital currencies hub?

Mexico’s leading digital currencies 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 digital currencies 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, digital currencies 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 digital currencies platforms that promise to make transactions easier and cheaper.

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

Digital currencies’s rising popularity in Mexico

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