Cryptocurrency exchange Coinbase will add the ability for Mexican users to cash out cryptocurrencies in pesos at over 37,000 outlets in Mexico.
Citing statistics from the World Bank, Coinbase reported on its blog that in 2020, expats and expats from around the world sent about $700 billion from the US to their families and friends back home. However, when making traditional international payments, the sender of funds is forced to pay a commission of 6-7%, and recipients can only accept money in local currency. They have no way to store, multiply or protect their money from inflation.
Therefore, Coinbase announced the launch of a special program, through which the recipients of cryptocurrencies in Mexico will be able to cash out them in pesos. Exchange customers can now send cryptocurrencies to Mexican users instantly using the Coinbase app. The recipient will be notified of this and will be able to check the balance in their Coinbase account.
If the user wishes to cash out the received crypto assets, he will generate a special code in the Coinbase application, which can be used to receive cash in 37,000 stores and outlets in Mexico. If a person decides to leave the received funds on Coinbase, he can simply store them in a wallet or convert them into any other cryptocurrency traded on Coinbase.
The exchange clarified that the new service will be free until March 31, after which users will be charged the usual fee. However, it will be 25-50% cheaper than traditional cross-border transfers.
Note that the Bank of Mexico does not support the use of digital assets in the country. Last year, Mexican central bank governor Alejandro Diaz de Leon compared bitcoin transactions to barter transactions, expressing concerns about its volatility.
Source: Bits
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