In Mexico, which is among the top 15 economies in the world, cryptocurrencies have been gaining ground thanks to their promotion of financial inclusion.
Dr. Eloisa Cadenas, founder of Cryptofintech, President of the Board of Directors of BChain Capital and one of the first people to take the initiative to educate about cryptocurrencies in Mexico, spoke about the need to create new educational programs to help people get closer to this digital innovation.
Cadenas, who has also become one of the main promoters of the CryptoArt movement in the region, explained to Blockchain.com that More and more companies and people are seeing value in cryptocurrencies, which has accentuated the need for crypto-literacy and crypto-education.
“More and more, institutes and schools here in Mexico want to teach classes on cryptocurrencies”, said Dr. Cadenas.
And the adoption of cryptocurrencies in the country has grown significantly due to the need for people to access products and services from the financial system. Cadenas pointed out that Education about this new technology and innovation will help create a more inclusive Mexico.
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Mexico has one of the highest levels of de-banking
Mexico, despite being among the top 15 economies in the world, has one of the highest levels of financial exclusion and debanking of all. According to the Mexican Banking Association (ABM), in the first quarter of 2021, Nearly 53% of the Mexican adult population did not have access to financial services, such as bank accounts or loans.
Therefore, although cryptocurrencies are part of an alternative and unregulated system in the country, to date, they are providing new opportunities to Mexicans.
Financial services developing in the crypto space can reach the unbanked more quickly and efficiently, facilitating immediate payments, sending and receiving remittances from abroad, investment, access to decentralized loans and much more. All this directly and without intermediaries.
At the end of 2021, the analytics company Statista noted that around 12% of the Mexican population already used cryptocurrencies.
Nearly 100 businesses accept cryptocurrency payments in Mexico
Cryptocurrencies also help companies and businesses to enter the world of traditional finance. Companies like 7-Eleven, Gandhi Bookstores, Fama Sport, Benjamino's Pizzas and others have integrated crypto assets into their payment methods, as a way to expand the options they offer to their clients and users and to meet the growing demand for this new class of digital asset.
The Elektra chain of stores, owned by billionaire Ricardo Salinas, Mexico's third-richest man, began accepting Bitcoin payments late last year and recently the application of addresses Rappi launched a test pilot to implement crypto payments in its services from Mexico.
The need for crypto-education is accentuated
However, despite the importance that this digital ecosystem has gained, which is providing significant value and utility to both companies and individuals, the reality is that it is still in a stage of growth and early adoption and that ignorance about its advantages and uses remains high among most of the population.
Recounting a bit of her personal experience, Dr. Cadenas revealed that it took her about two years to find a university professor who would support her doctorate, which dealt with The financial impact of companies that accept cryptocurrencies as a form of payment in Mexico.
However, once he was able to complete his specialization, he decided to focus on promoting crypto-education in the country, in order to help other interested people grow within this digital financial ecosystem of opportunities.
BIS studies the adoption of cryptocurrencies in banks
On Twitter, Dr. Cadenas highlighted the most important points of the document published by the Bank for International Settlements for the adoption of cryptocurrencies by traditional banking.
The international financial organization is analyzing crypto adoption at an institutional level and the need to create a more precise regulatory framework to help manage the risks that exist in the industry, he explained.
In Mexico, Nuevo Leon state senator Indira Kempis is also promoting the adoption of cryptocurrencies to boost financial inclusion and technological development. Kempis, who maintains a progressive perspective towards this innovation, is preparing a bill that could lead Mexico, in the future, to be one of the next countries to regulate crypto assets in Latin America.
In late April, the Mexican Senate installed a Bitcoin ATM for educational purposes, as a way to familiarize regulators and lawmakers with this emerging technology. However, Mexico’s Central Bank, the Ministry of Finance and the country’s president, Andrés Manuel López Obrador, remain skeptical.
Continue reading: Rappi presents pilot to open cryptocurrency payment options in Mexico
