Latin America has a long history of economic instability, forcing many countries in the region to be almost entirely dependent on the U.S. dollar as a reserve currency. Latin America is also a huge piece of the U.S. remittance market, with the 17 North and South American nations in that group accounting for $41 billion in transactions (roughly 75%) every year. Mexico alone accounted for $22 billion of this number last year, paying companies like Western Union hundreds of millions of dollars for the privilege.
If the newly launched Fundación Satoshi Nakamoto has its way, however, the dollar’s days of dominance in Mexico and Latin America may be coming to a close. Now officially partnered with the Bitcoin Foundation, the FSN aims to “protect, standardize and promote the development and adoption of Bitcoin” in the region, and worldwide.
In a statement on the Bitcoin Foundation blog, Raúl Nogales, President of Bitcoin Foundation México, said:
The use of Bitcoin in México and worldwide is at an upward trend. The need for education, standardization, protection and promotion has become essential. We are really excited to establish Bitcoin Foundation México and eager to start working.”
The FSN is joined in the push for bitcoin adoption in Mexico by soon-to-launch bitcoin exchange MEXBT. Thanks to a wealth of remittance-friendly financial regulations, MEXBT’s system is already connected to a national payment network of 130,000 locations, including WalMart and 7-Eleven stores.