The world renowned blockchain technology in the cross border remittance sector, Ripple, has seen a major leapfrog in Mexico following its meeting with the officials of the western Mexican state.
Ripple, in an update today, disclosed that its team had an official meeting with the Jalisco state Government to iron out some issues regarding blockchain adoption in the Mexico. The update added that the Jalisco Government wants to leverage Ripple to place Mexico as a leading country in the area of Blockchain and Fintech innovation.
— Ripple (@Ripple) March 19, 2019
Despite Regulations, Ripple Will See Major Breakthrough In Mexico
The major breakthrough Ripple is witnessing in Mexico came few days after the Bank of Mexico released a memo on how fintech companies including exchanges would be dealing with crypto. While many saw the law as a way of short circuiting crypto activities in the country, the policy was designed to ensure that companies protect their customers from getting involved in complicated and extremely volatile digital assets.
The latest law seems to be more stringent or contradictory to a previous one issued out about one year ago. Previous, the Mexican Congress passed a law that companies must apply for license given by the Mexican authority equivalent of the SEC to be able to execute crypto or fiat transactions.
Furthermore, the law added that the Central Bank of Mexico (Banco de Mexico) will have to determine and authorize the cryptos that would be offered to the public by the licensed companies.
Defiantly, Bitcoin Exchange Guide reported that the Central Bank of Mexico released a secondary law that it would not authorize regulated financial companies to offer cryptocurrencies.
As the regulation continues to raise series of disgruntles from individuals, exchanges, and other fintech companies in the country, the latest meeting which featured Ripple blockchain team and the Jalisco state government official seems to a cushion to the heavy burden.
More importantly, the assembly featured talks on the possible growth and adoption of blockchain technology in the country.
As a sign of improvement over the daunting regulation, the official also disclosed the willingness of the government in making Mexico a leading country in the Fintech industry especially through blockchain tech.
Following the development, people have however began spreading rumors that Ripple might be partnering the Jalisco state government.