¿What is bitcoin and what is it for?? These are questions that have existed for years and although there have been answers, there are also many doubts. Given this, a forum is being prepared in Mexico to analyze the growth, its use, its technology and thus direct an agenda with a view to promoting the use of cryptocurrencies in the country.
Next Saturday, April 23, the Senate of the Republic will host the Bitcoin Forum, Mexico and the Digital Economywhere different industry participants will give their point of view to analyze different topics on the cryptocurrenciesnot only in the national context but also in the international one.
“From the origin of Bitcoin in (the) 2009 to date, understanding its operation has not been something simple, in fact, it is quite complex at a technical level, as well as its economic implications. Despite all of the above, the adoption of digital assets today has increased, going from a small group of programmers to hundreds of millions of users around the world”, can be read in the synopsis of the organized event by the Legions association.
According to Legions, bitcoin has surpassed the transaction volume of payment systems such as Paypal and it is on track to catch up with Visa and Mastercard, which it has already surpassed, if you consider market capitalization.
“As if this were not enough, we now see that thousands of ‘other cryptocurrencies’ have appeared and are also being bought and sold on the market. A whole new industry has been formed and is growing rapidly,” the document highlights.
Development of CBDCs
Given the exponential growth that cryptocurrencies have had in the world, different governments are already planning to issue their digital currencies (CBDC) and even Salvador, is the only country that has adopted bitcoin as legal tender, for which nearly 4 million users have been integrated into the institutional financial system.
“The role of the United States of America stands out, where legislators are also working on the issue and are cherishing the idea of creating their own ‘Digital Crypto Dollar’. Since July 2020, banking institutions have been authorized to carry out operations with crypto assets and offer custody services. Our neighbor to the north also has several cryptocurrency exchange, cryptocurrency mining and related services companies listed on the stock market,” the document explains.
Likewise, the Bank of Mexico (Banxico) has also expressed its intention to create its digital currency, which would function by 2024 in parallel with the Law to Regulate Financial Technology Institutions, or ley fintechwhich is the regulation of the use of virtual assets.
In this context, the document indicates that the business, technological and financial sectors are advancing slowly with respect to cryptocurrencies, since there is still institutional fear in matters related to the use of resources of illicit origin and volatility, but many of these concerns have been addressed and contemplated in the law, according to Legions.
“We believe that these concerns must be addressed with all objectivity and accurate information, to create initiatives that promote the economic, financial and institutional development of a country that ranks 14th among the most important economies on the planet,” the document describes.
The forum, which will last from 8 a.m. to 6:30 p.m., provides for the participation of representatives from different companies in the cryptocurrency ecosystem such as Binance, Mexo, Blockchain City, Finnovista, Loxical, PXO, Vconsulting, Coffee Law, Bitso, among others.
According to Legions, the forum goals are:
- Analyze the growth in the use of different financial platforms and the role that Mexico is having at the international level, in order to propose alternatives that allow the development of the digital economy under legal protection and security for all users of the financial system.
- Bring together legislators, institutions, entrepreneurs and professionals from the blockchain community in order to visualize the panorama of financial technology initiatives and the digital transformation that is being generated.
- Build an agenda with a view to promoting the economic and technological sectors that are presented in digital technology.
It should be noted that there are initiatives in the Congress of the Union to massify the use of cryptocurrencies in Mexico.
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