By George Ward
Mercado Pago, a wallet firm and subsidiary of Mercado Libre, has introduced a crypto trading service in Mexico. Hence, Mexicans can now buy digital currencies using the country’s national currency.
Mercado Pago also provides a similar service in Brazil. The company’s one million users can sell, buy, and store Ethereum and Bitcoin. In addition, they can receive Mercadocoin, Mercado Libre’s native token.
Mercado Pago wants to increase crypto adoption and usage in Mexico with its trading services. According to the company, Mexican citizens can buy digital currencies using the country’s national currency.
Hence, users can fund their Mercado Pago wallet, after which they can buy Ethereum and Bitcoin. Launching this service in Mexico will also help to expand the company’s user base.
Pedro Rivas, the CEO of Mercado Pago in Mexico, said the new function would allow several Mexicans to access digital currencies.
It would also improve financial and technological inclusion in the region. In addition, Mexicans will be able to access crypto in a safe and user-friendly environment.
Meanwhile, the company previously teased launching this service in August. On August 4th, the leader of Mercado Pago, Osvaldo Gimenez, talked about expanding its operations in Latam.
Gimenez stated that it is crucial to have crypto as another investment option in Latam. Galperin views digital currencies as a store of wealth. He does not believe it can function as a payment method.
On August 20th, the firm introduced the Mercadocoin token in Brazil. However, there was no statement about a possible release in Mexico.
Rising Crypto Adoption In Mexico
Crypto adoption has been growing in Mexico in 2022. As a result, more individuals are showing interest in digital currencies.
Besides, several firms have integrated crypto payments into their business operations. Hence, citizens have been using crypto to pay for goods and services.
One such company is a food delivery firm, Rappi. Earlier in the year, the delivery company announced that it would start accepting crypto payments.
Also, a Mexican senator, Indira Kempis, proposed a bill to make BTC a legal tender. This is similar to what El Salvador did in 2021.
Only El Salvador and the Central African Republic regard Bitcoin as a legal tender. However, the Central African Republic made Bitcoin a legal tender in 2022, following El Salvador’s footsteps.
However, both countries have come under fire for making such decisions. Nonetheless, most Bitcoin holders that bought the crypto during the bull season are currently in losses.
According to Kempis, such a law would increase citizens’ financial literacy. It auld also boost financial inclusion for the unbanked people of Mexico.