What currency does Mexico use?

What currency does Mexico use? In the past 10 years, Mexico has been one of the main issuing countries for cryptocurrencies such as Bitcoin. However, in recent months, more and more governments have started using this emerging industry and are strengthening regulations. According to officials, due to the outbreak of the COVID-19 pandemic and the uncertainty of the international situation, many citizens are unable to pay or transfer cash and bank accounts for transactions, which has led locals to find ways to avoid the risks of exchanging fiat currencies for US dollars, euros, and other legal assets. Currently, these countries have adopted policies similar to the United States’ “electronic gold” to maintain their domestic financial systems.

According to data from Bitcoin.com, Mexico generated approximately 50,000 illegal activities in the first quarter of 2018. Among them, over 1,000 devices were seized and shut down due to fraud, causing nearly $20 million in economic losses. In addition, approximately 1,000 companies used virtual currencies for money laundering, involving amounts up to 2 billion bolivars.

What currency does Mexico use?

What currencies does Mexico use? According to local cryptocurrency statistics website Cryptovalley, Mexico currently uses several currencies. One of them is Bitcoin (BTC), the second one is Ethereum (ETH), and the third one is Litecoin (LTC). In these cryptocurrencies, there are mainly two tokens—USDT, GUSD, and BinanceX (BNB)—as payment methods.

The largest stablecoin exchange in Mexico, Paxos, has launched a USD-backed stablecoin called PAX and provides services to customers in the country through its subsidiary, Paxful.

In Argentina, purchasing goods and services with fiat currencies is prohibited due to a contract signed with Russia, and Brazil has also started accepting this news. (CoinDesk)

In addition, Venezuela has issued its own national sovereign bonds.