LatinNews Daily - 16 February 2022

In brief: US firm enables Mexicans to convert cryptocurrency into pesos

*US-based cryptocurrency exchange company Coinbase Global Inc has announced a free pilot programme that will allow cryptocurrency recipients in Mexico to cash out their funds in Mexican pesos at over 37,000 locations. The scheme is designed to allow those living in the US to send remittances to Mexico in cryptocurrency, which Coinbase says allows them to avoid sender fees and other “challenges” of “traditional cross border payment offerings”. Recipients in Mexico will then have the option to generate a redemption code from their Coinbase app that can be used to receive cash at physical retail outlets and shops across Mexico. Recipients can also choose to keep the money on Coinbase, keeping the cryptocurrency they received or converting and investing it in any of the cryptocurrencies that Coinbase supports. Coinbase states that, “the lower price of sending and cashing out crypto and flexibility in how to store funds will allow recipients to keep even more of their money.” Coinbase customers in Mexico will be able to use the service free of charge until 31 March. After that, customers will be charged a “nominal fee” that Coinbase states is “25–50% cheaper than traditional cross border payment solutions”. Mexico posted record remittances of US$51.59bn in 2021.

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