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Mexico jumps onto the crypto bandwagon as lawmakers weigh in on Bitcoin legislations

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Mexico had always maintained a low profile with respect to the adoption of cryptocurrencies. The country steered away from crypto after the government found out that these assets were being increasingly used by cartels to launder money. Now, however, certain officials of the region seemed to be yearning for the adoption of crypto.

The five-fold increase of Bitcoin [BTC] paved the way to increased adoption of the coin along with other cryptocurrencies. The world wanted to invest in crypto. While several countries were imposing stringent regulations around the market, many others decided to embrace Bitcoin by laying out crypto-friendly laws. This year, particularly witnessed the arrival of several countries into the crypto-verse. Mexico joined this list as the country’s senator, Eduardo Murat Hinojosa laid down hints about the same in a recent tweet.

Mexico’s senator takes crypto forward

The senator of the federal government of Mexico, Eduardo Murat Hinojosa was smitten by the crypto bug as he included laser eyes in his Twitter profile picture. Laser eyes rose to popularity as a way to show one’s support for crypto. This wasn’t all, the senator posted a tweet suggesting that he would be taking crypto to Mexico’s lower house. The tweet read,

Furthermore, the senator went on to provide reassurance about this as he replied to a tweet suggesting that people could count on him in bringing crypto to the country. He wrote,

“[..] we are going to lead the crypto and fintech in Mexico hand in hand with you. You can count on me for what comes with the intention of putting our country at the forefront.”

Hinojosa garnered the backing of several and another senator, Indira Kempis Martinez,  who represents the state of Nuevo León also exhibited support by adding laser eyes to her profile picture.

Latin America seemed to be going all-in on crypto as El Salvador has been making several changes to accommodate crypto and Mexico was seen heading in that direction.

Mexico’s Billionaire Declares His Investment in Bitcoin

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Everyone wants to know where billionaires park their money. For many, Bitcoin has now become a favorite asset.

Adding to this trend, Ricardo Salinas Pliego, the Head of Grupo Salinas and Latin America’s seventh-richest man claimed that he has 10% of his “liquid portfolio” invested in Bitcoin. Notably, he also happens to be Mexico’s second richest man and is the latest billionaire to declare his admiration for the cryptocurrency that was currently inching closer to its all-time high at a pace never seen before.

While revealing about his investment, the billionaire also recommended prospective investors to read “The Bitcoin Standard,” the award-winning book by Bitcoin educator, Saifedean Ammous.

Pliego also went on to share a video which depicted banks in a Latin American country throwing out garbage bags filled with paper money and stated that “paper money is worth nothing asserting that diversifying investment portfolio is a good option.

Bitcoin Billionaires Club

In recent months, billionaires have been increasingly accumulating the world’s largest cryptocurrency. Not long ago, the hedge fund manager Stanley Druckenmiller became the latest billionaire to publicly disclose his Bitcoin investment. The American billionaire had previously stated,

“Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they got a lot of it. It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.”

Putting all the eggs in one basket could be dangerous and expose the investor/trader to a high level of risk. One of the main reasons why Bitcoin has become compelling to high-net-worth investors is the fact that the cryptocurrency is being viewed as a potential portfolio diversifier, inflation hedge, gold alternative, and large risk-reward potential by several industry experts.

Bitcoin has affected the global monetary system tremendously. In a recent study, it was found that Bitcoin does act as a strong hedge for investors in most of the developing markets. However, it is only an effective diversifier for investors in developed markets, regional indices, and commodities.

It was also found the cryptocurrency is a strong safe haven for only a few national equity indices, regional indices, and commodities. On considering the three extremely uncertain periods, the researchers concluded that Bitcoin is either a strong or a weak safe haven for most of the countries and further suggested that Bitcoin is highly suitable as a safe haven asset in certain periods of high uncertainty.

Cyber Crimes On The Rise As Mexicans Express Concerns

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In recent months, Mexicans have expressed their lack of trust in public cloud network security as cyber crimes and cryptojacking incidents spike. According to El Economista, approximately two-thirds of Mexican firms that use cloud networks such as Amazon, Microsoft , and Google report security issues that cause negative portrayals among Mexicans.

Notably, due to their security vulnerabilities and incidents such as the recent DoppelPaymer hackers assault on Pemex oil company, only a few people trust cloud networks, which in effect leads to public disapproval of the network.

Crypto-related crimes are increasing steadily

There has been a rise in cyber-attacks in different nations, according to recent reports. Mexican companies have confirmed cases of unidentified cyber criminals having penetrated their means of cloud storage to crypto mine, or rather cryptojack.
Latin America ‘s general sales manager cyber security firm Netskope, Alan Karioty, told local media El Economista that the ongoing attacks on Ransomware resulted from ignorance of companies on matters on the security of cloud computing systems.
Consequently, the manager of engineering at Sophos in Latin America, Leonardo Granda, also voiced his opinion on the security vulnerabilities facing cloud networks. He said data loss was a direct result of the poorly set up public access system in the shared cloud storage. He also said it leaves data sources vulnerable to cyber criminals attacking because fraudsters can easily search for them using updated search engines such as Shodan, which they can use to draw them away.

Latin America is fast becoming a soft target for cyber crimes

The continent has reported numerous cases of cyber attacks late and has thus become a soft target for cybercriminals. Nations like Colombia were predominantly one great example. According to a study done by Colombia’s National Police, the rise of cybercrime attacks has been reported. The report also adds that even 30 percent of the attacks on Latin America have targeted Colombia specifically. However, the main priority for cybercriminals was public entities.