The First Blockchain Association in Mexico; Crypto Exchanges to Get Bank Permit

Mexico’s first ever ‘Blockchain Association of Mexico’ has been established including industry founding members companies Bitso, Volabit, BIVA, GBM, Lvna Capital, ConsenSys and Exponent Capital. The objective of the organization is to educate citizens on blockchain technology applications, advantages and potential nationwide implementation.

Felipe Vallejo, provisional president of the Blockchain Association said:

“Technology has the objective of creating more transparent, safe and efficient procedures.”

The above news is particularly beneficial for harmonious working with the public blockchain projects like Ethereum and the projects (& their respective tokens) built on top of it. The recent statement by the Mexican government to allow  crypto exchanges and other crypto service providers to obtain official licenses to operate lawfully, thus legitimizing crypto related business in the country.

An excerpt from the letter “General provisions on operations related to electronic payment funds” translated reads:

“The institutions of electronic payment funds must request authorization from the Bank of Mexico so that they can use those technologies associated with any of the virtual assets indicated in the previous paragraph or of any other type, for the execution of the processes that need to be carried out in the realization of the Transfers of Funds Transactions in national currency or Foreign Currency.”

Stay tuned and don’t miss the future. The Future is Now!