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Amid warnings by authorities, Mexicans are not shy about cryptocurrency

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Cryptocurrencies are not legal tender in Mexico, but many Mexicans have acquired them anyway: According to a recent survey, just over 12% of adults own a digital currency such as Bitcoin or Ethereum.

The comparison website Finder surveyed internet users from 22 countries and found that Mexicans own the ninth most popular cryptocurrency.

Of more than 2,400 respondents in Mexico, 12.1% own crypto, Finder found. Bitcoin was the most popular among Mexicans, followed by Ethereum, Binance Coin, Cardano, and Dogecoin.

Finder also found that Mexican women are more likely than men to own cryptocurrencies. Of the identified crypto owners, 53.7% were female and 46.3% were male.

Poll results from Finder.com. Click the little arrow above for the full list. Courtesy Finder.com

The percentage of Mexican respondents who own a cryptocurrency was just above the 22-country poll average of 11.4%.

Mexicans who own cryptocurrencies can use them in about 100 companies across the country, according to the Coinmap website.

One such store is the Bitcoin Embassy Bar in the trendy Roma neighborhood of Mexico City, where customers who pay with Bitcoin can get discounts. A single bitcoin is currently worth more than $ 62,000.

The company, owned by 31-year-old entrepreneur Lorena Ortiz, is “something of a mecca for cryptocurrency enthusiasts,” according to El País newspaper. In addition to its function as a bar and restaurant, it offers seminars on cryptocurrencies and hosts debates on related topics.

Ortiz rejects claims that cryptocurrencies like Bitcoin cannot be considered real currencies because they were not issued by central banks

“That’s not true. History has taught us that money shouldn’t be spent by an institution. [The concept of money] is a consensus among the population, ”she told El País.

Lorena Ortiz’s Bitcoin Embassy Bar in Mexico City is one of around 100 companies in Mexico that accept payments in cryptocurrency. Twitter

“The bankers who criticize [cryptocurrencies] are like taxi drivers complaining about Uber, “said Gustavo Grillasca, a 42-year-old digital artist and customer of the Bitcoin Embassy Bar.” There’s no way to stop Bitcoin now, “he said.

Their views, and those of the vast majority of cryptocurrency supporters, are in sharp contrast to the views of most governments and central banks, including those of Mexico. Shortly after El Salvador introduced Bitcoin as legal tender earlier this year, the Federal Treasury, Bank of México, and National Banking and Securities Commission issued a joint statement reiterating that cryptocurrencies cannot be legally accepted in the Mexican financial system.

Ignacio Flores, a Bitcoin user and director of a company that provides protection for digital currency transactions, told El País that her stance was not surprising.

“It’s like the 90s when the internet came along. There was radio and television, and suddenly there was an alternative channel that carries audio and video. Technology is always ahead of the law, ”he said.

Another opponent of cryptocurrencies is Gabriela Siller, director of economic analysis at Banco BASE.

Although cryptocurrencies are becoming increasingly popular and mainstream, she described them as “a fad” and complained that their primary purpose will eventually be to conduct illegal transactions. She also said that companies that accept cryptocurrencies are taking a risk because of the volatility of their value. “[Businesses] Set prices in official currencies, but value [of a cryptocurrency] can easily change 15% in a day. For a company, the risk is greater than the benefit, ”she said.

BBVA Mexico chief economist Carlos SerranoBBVA México’s chief economist, Carlos Serrano, fears that cryptocurrencies could become a vehicle for tax evasion. BBVA

Carlos Serrano, chief economist at BBVA México, also raised concerns about the use of cryptocurrencies.

“In a country like ours, before you think about it [getting] more companies to accept [cryptocurrency] Payments we have to ensure that … [their use] does not become a vehicle for tax evasion. You can’t pay your taxes with cryptocurrencies right now, ”he said.

However, Mexican companies that accept them are complying with their tax obligations, El País reported. Ortiz, for example, calculates their Bitcoin earnings in pesos and reports them to the tax authorities.

The vast majority of Mexican companies that accept crypto are small and medium-sized businesses far removed from the “image of a virtual pirate” trying to commit a mega-scam, El País said. In fact, some Mexican companies that accept cryptocurrency payments have not yet found a single customer. This is the case with a dental clinic in Mexico City, which announced three years ago that it would accept certain payments in cryptocurrency.

Although her patients have not yet taken advantage of the option to pay their dental bills with Bitcoin or Ethereum, 28-year-old dentist Carmen Salgado is convinced that one day they will. “I think … [cryptocurrencies are] the future, ”she told El País.

Despite admitting that there are risks associated with using cryptocurrencies, Serrano believes central banks should stop dragging their heels and use blockchain technology to develop their own.

“The central banks urgently need to discuss alternatives. The benefit of getting rid of physical money is undeniable, ”he said.

With reports from El Economista and El País

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Cryptocurrency

South Bay mother swindled out of thousands of dollars in cryptocurrency scam

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A single mother from Chula Vista fighting cancer warns of cryptocurrency fraud.

CHULA VISTA, California – A South Bay single mother fighting cancer said she started investing in cryptocurrency in 2018 to save for her children. On Friday, she said she lost everything to a popular YouTube scam.

“$ 42,399.22,” said Tuba Kazan.

Chula Vista’s mother said she started investing in cryptocurrency to save for a home, support her children, and now treat her cancer.

“What I saved and when I worked hard I threw it away,” said Kazan tearfully.

On Friday morning, along with millions of other viewers, she saw a livestream with cryptocurrency co-founder Ethereum, who took investors to a website to help Ethereum expand globally and sent 10 Ethereum cryptos to an account.

“I thought it was a good opportunity because it looks real. It came through YouTube, it was an official account, ”said Kazan.

In 15 minutes she realized she would never get it back.

“Those were my savings,” said Kazan. “I’m usually a very vigilant person. You know, I know when a call comes in and there are scammers I know, no money should be sent out. “

She is not alone. The Federal Trade Commission reports that from October 2020 to March 2021, 7,000 Americans were duped into cryptocurrency scams, adding up to $ 80 million, up 1,000% year over year.

There are several scams out there including fake ads promising to triple your investment, scammers also send out emails posing as celebrities like crypto investor Elon Musk.

The problem is that the cryptocurrency is not supported by the government so there is no legal protection.

Despite not getting her money back, Kazan reported the scam to YouTube, the Chula Vista Police Department, which said it was being investigated, and also reported it to the FBI.

“It’s terrible. But I don’t want people to be hurt,” said Kazan.

The single mother said it hurts because she was diagnosed with fatal leukemia and had 20 months to live and the money was for her children.

“I just wanted to make sure my children were safe. When something happens and I can forgive myself, ”said Kazan.

Here are three things you can do to protect your cryptocurrency account: use a strong password, enable two-factor authentication, and create a separate email. The FTC provided several resources, including reporting cryptocurrency fraud.

YouTube’s only response was to ask for the link to the website Kazan saw but commented on the incident or how it deals with cryptocurrency scams on its platform.

The FBI was not available for an interview but wrote in an email from its public affairs department: “In recent years the FBI has seen a significant increase in the number of cryptocurrency-related cases we investigate, but we do can’t “comment on how many investigations we’re doing all over the office.”

You have sent these tips to protect yourself:

1. Don’t send payments to someone you’ve only spoken to online, even if you think you have established a relationship with them.

2. Don’t follow instructions from someone you’ve never met to scan a QR code and send the payment through an ATM in physical cryptocurrency.

3. Do not respond to a caller claiming to be a representative of a company that you are an account holder with requesting personal information or requesting cryptocurrency. Contact the number on your card directly or the company directly to verify.

4. Do not answer a caller from an unknown phone number who identifies himself as someone you know and requests cryptocurrency.

5. Use caution if a company declares it can only accept cryptocurrency and identifies itself as a government, law enforcement, law firm, or utility company. These companies are unlikely to instruct you to transfer funds, send checks, send money overseas, or make deposits into accounts of unknown people.

6. Avoid cryptocurrency ATMs that advertise anonymity and only require a phone number or email. These cryptocurrency ATMs may not comply with US federal regulations and can facilitate money laundering. Instructions on how to use cryptocurrency ATMs with these specific characteristics are a significant indicator of fraud.

7. If you are using a cryptocurrency ATM and the ATM operator calls you to explain that your transactions are fraudulent and advises you to stop sending money, you should stop or cancel the transaction.

WATCH RELATED: BitConnect: Approximately $ 57 million of seized cryptocurrency is set to be sold to repay investors in the program

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Cryptocurrency providers at high risk of financial crime – FMA

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The Financial Market Authority has found that cryptocurrency service providers are at high risk of being targeted by money launderers and terrorist financiers.

Photo: 123RF

The industry received the rating in the FMA’s most recent sector risk assessment (SRA), in which various types of financial service providers were described with regard to illegal financial behavior.

The risk profile for the majority of the nine sectors supervised by the FMA has not changed since 2017.

However, Virtual Asset Service Providers (VASPs) that enable cryptocurrency, token or crypto-asset transactions were added and received the highest risk rating.

“Since our last assessment, the risks of virtual assets, especially cryptocurrencies, have come to the fore,” said FMA supervisory director James Greig.

“Virtual assets allow for a higher level of anonymity and have a global reach, making cross-border payments easy.”

A sector risk rating was determined on the basis of its complexity, liquidity of the transactions and the anonymity granted to clients.

This included the size of the company, the type of products offered, their value, how products can be bought and sold, customer types and country risks.

Virtual Asset Service Providers, or VASPs, that enable cryptocurrency transactions were added to the list and received the highest risk rating.

Virtual Asset Service Providers, or VASPs, that enable cryptocurrency transactions were added to the list and received the highest risk rating.
Photo: Delivered

The FMA expects all reporting offices to familiarize themselves with the risks and weak points in connection with VASPs and virtual assets and, if necessary, to include them in the risk assessment.

The main regulatory agency of cryptocurrency service providers is the Department of Internal Affairs, with the FMA overseeing a very small number of VASPs.

The 2021 sector risk assessment also confirmed the high risks associated with derivative issuers.

This follows on from the recent measures taken by the FMA against a handful of companies that failed to meet their obligations to combat money laundering.

“Derivatives issuers are inherently high risk because their products are highly liquid, accounts are easy to open, and they can have many overseas clients in higher risk countries,” Greig said.

Greig also said the rapid growth of retail investment platforms meant they could be targeted by money launderers as their compliance with their anti-money laundering commitments may not have kept pace.

This became clear at the beginning of the year when the FMA informed the retail trading platform Sharesies of failing to verify the identity of almost 8,000 customers and of insufficient customer due diligence.

“These platforms are highly liquid, so large volumes of trade can take place without suspicion, and customers can quickly create online accounts without personal verification, which favors anonymity,” said Greig.

“While these platforms often have sophisticated systems for monitoring accounts, they need to collect sufficient information about the nature and purpose of the investment.”

The FMA expected all entities subject to the FMA reporting obligation to review the new SRA and update their own risk assessments accordingly and to take into account all new risks and findings, said Greig.

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Cryptocurrency ‘mainstream’ in Australia | Bega District News

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News, latest news

Cryptocurrency has become mainstream in Australia, and according to a survey by a leading exchange, more and more women are punted. More than a quarter (28.8 percent) say they own or have owned cryptocurrencies, according to the Independent Reserve Cryptocurrency Index (IRCI) 2021 published on Tuesday. The proportion of women who deal with cryptocurrencies has doubled this year from 10.3 percent to 20 percent. Despite the amazing volatility, most of those surveyed (89 percent) made or even broke money this year. Adrian Przelozny, CEO of the Independent Reserve, said the sector urgently needs regulation to provide more security for both investors and cryptocurrency companies. “Our IRCI results this year support this as 28.6 percent of Australians who currently do not own cryptocurrency tell us that if there was better consumer protection, they would invest,” he said. Now in its third year, the annual survey of over 2,000 people tracks awareness, acceptance, trust and trust in the cryptocurrency. 26.6 percent said they would buy crypto if regulation of the industry improved. “While Australian regulators and government agencies may have taken a while to delve into cryptocurrencies and other digital assets, the Australians themselves have moved faster and we really see crypto as an asset class from the edge of the mainstream over the past year,” said Przelozny. According to the survey, Bitcoin remains the most famous and popular cryptocurrency ahead of Ethereum. The age group of 24 to 34 year olds trusted crypto the most. 27.6 percent said they shopped to get rich while people over 65 years of age said they did shopping to get rich Stay skeptical. The latest data from the Australian Tax Service shows that more than 800,000 people are making transactions in cryptocurrency. The Independent Reserve cryptocurrency exchange was developed and established in Australia in 2013 and is now licensed in Singapore. Australian Associated Press

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December 7, 2021 – 10:16 a.m.

Cryptocurrency has become mainstream in Australia, and according to a survey by a leading exchange, more and more women are punted.

More than a quarter (28.8 percent) say they own or have owned cryptocurrencies, according to the Independent Reserve Cryptocurrency Index (IRCI) 2021 published on Tuesday.

The proportion of women who deal with cryptocurrencies has doubled this year from 10.3 percent to 20 percent.

Despite the amazing volatility, most of those surveyed (89 percent) made or even broke money this year.

Adrian Przelozny, CEO of the Independent Reserve, said the sector urgently needs regulation to provide more security for both investors and cryptocurrency companies.

“Our IRCI results this year support this as 28.6 percent of Australians who currently do not own cryptocurrency tell us that if there was better consumer protection, they would invest,” he said.

Now in its third year, the annual survey of over 2,000 people tracks awareness, acceptance, trust and trust in the cryptocurrency.

26.6 percent said they would buy crypto if regulation of the industry improved.

“While Australian regulators and government agencies may have taken a while to delve into cryptocurrencies and other digital assets, the Australians themselves have moved faster and we really see crypto as an asset class from the edge of the mainstream over the past year,” said Przelozny.

According to the survey, Bitcoin remains the best known and most popular cryptocurrency ahead of Ethereum.

The age group of 24 to 34 year olds trusted crypto the most. 27.6 percent said they shopped to get rich, while people over 65 remain skeptical.

The latest data from the Australian Tax Service shows that more than 800,000 people are making transactions in cryptocurrency.

The Independent Reserve cryptocurrency exchange was developed and established in Australia in 2013 and is now licensed in Singapore.

Australian Associated Press

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