Major Spanish bank Santander is extending its Ripple-powered international payments system One Pay FX to Mexico in 2020.
Mexico is a federal presidential representative democratic republic in the southern part of North America. According to the International Monetary Fund, the country is the 15th largest country by nominal GDP and the 11th largest country by purchasing power parity. In terms of cryptocurrency, in March 2018, the Mexican government presented its draft legislation which describes Bitcoin as a digital asset and sets regulations on making transactions with virtual money. Due to the high market capitalization, protocols, algorithms, etc., authorities will determine which kinds of cryptocurrency fits the definition of an asset. The main purpose of the law is to raise their national economy by attracting international companies and investors interested in digital currencies.
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