To begin with, the nation’s banking regulator is attempting to figure out how to include virtual currencies in its payment processing system.
Under Mexico’s new financial technology law, approved by Congress earlier this year, cryptocurrency operators can register with the regulator as fintech companies, as long as they keep their transactions transparent and audited.
There are already established cryptocurrency exchanges in Mexico, such as Bitso and Volabit, with reports of some Mexicans already buying Bitcoins despite having no bank account.
Meanwhile, American blockchain startup Ripple has partnered with Cuallix, a North American financial institution with extensive operations in Mexico, saying it will make remittances from the United States to Mexico cheaper and easier.
Remittance is a huge market that blockchain startups like Ripple want to tap into. Mexicans living in the United States alone send home around US$25 billion in a year. Ripple says it can reduce the cost of cross-border transactions by 60%.