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Mexico, as part of Latin America, was one of the first countries or groups of countries to incorporate cryptocurrencies into their economies. Though not legal tender, citizens can simply go to their local store and invest in the crypto economy; investing in cryptocurrencies in Mexico is that simple.
The rules for cryptocurrency in Mexico are very customer-friendly. There aren’t many restrictions on cryptocurrency, wallets, or exchanges. With such lax regulations, investing in cryptocurrencies in Mexico should not pose any issues. Learn more about cryptocurrencies in Mexico by reading on.
Best Options to buy Crypto for Mexican Customers
Is Bitcoin Free to Buy in Mexico?
In Mexico, there are no restrictions on the use of crypto and other cryptocurrencies. Having said that, there are some laws in place regarding the use of this currency by both individuals and businesses.
Cryptocurrencies are not legal in Mexico, but you will be held accountable for any illegal activities you engage in with the currencies.
- Notices from the Condusef and the Bank of Mexico say that cryptocurrencies are legal and accepted as a way to pay and send value in Mexico, as long as the other party accepts them as payment.
However, Mexico, like the majority of countries that support the use of cryptocurrencies, does not consider cryptocurrencies to be legal tender. That is, you cannot pay taxes, bills, or use it as a part of the country’s currency, and it is part of a different ecosystem, only linked by the country’s legality.
Buying Crypto in Mexico
Mexico has one of the most liberal regulations regarding the purchase and ownership of cryptocurrencies, so purchasing cryptocurrencies in the country should be simple. To begin purchasing cryptocurrencies, follow these steps:
Choose a cryptocurrency exchange if you’d like to exchange your fiat to crypto.
Create and verify an account for your chosen exchange.
After that, link your bank accounts or any of your payment gateways.
Once done, look for your cryptocurrency and exchange it.
To finish the trade, look and verify if your bought coin has reflected in your crypto wallet.
Other places in Mexico where you can buy cryptocurrency are Bitcoin ATMs and convenience stores like Oxxo and 7-Eleven. Citizens can use these to buy cryptocurrencies without even opening a bank account.
Check out these steps for purchasing cryptocurrencies via said transactions:
Look for a Bitcoin ATM kiosk located in the country. Check this map for easier searching.
Type in your mobile number and the desired cryptocurrency you’re going to buy. Some Bitcoin ATMs have different step-by-step instructions so look for those first.
Scan the QR code posted on your cryptocurrency wallet containing details of your wallet and such.
After that, a receipt will be printed in the kiosk.
To finish, go to the cashier and let them scan the receipt then pay the subsequent charges.
Once done, your cryptocurrencies will reflect on your exchange in a few minutes time.
The same instruction goes for buying cryptocurrencies in convenience stores.
Look around you first before you open your device and check for bought cryptocurrencies in public. Some wicked-hearted people may get a hold of your password and user information with a possible recording device they possess.
Can I Buy Bitcoin Anonymously in Mexico?
In Mexico, it is possible to purchase cryptocurrencies anonymously. Because the country’s cryptocurrency regulations are so lax, some supported exchanges do not require the use of a KYC protocol. However, because of their anonymity, such transactions frequently have higher fees and less convenience. So, the best and easiest way to buy cryptocurrencies without an ID will be to use a centralised exchange or P2P trading.
Does Coinbase Operate in Mexico?
Mexico is one of the 100+ countries where Coinbase provides support. Due to the country’s lax cryptocurrency regulations, citizens of the country can buy, sell, and trade cryptocurrencies in Coinbase without restriction.
Frequently Asked Questions
Mexico, like other countries with lax crypto regulations, has nothing against accepting gateway payments like PayPal and linking them to any supported exchanges. You should do the following to top up your cryptocurrency exchange with PayPal:
- Navigate to the Deposit tab on your cryptocurrency exchange’s dashboard.
- To log in, tap PayPal (if it accepts PayPal payments), then enter your PayPal account information.
- Look for the cryptocurrency you want to purchase and enter the amount in USD.
- Complete the transaction.
Wait for your cryptocurrency to appear in your crypto wallet.
- First, you and your receiver must have a Bitcoin wallet to support the transaction.
- Go to your wallet’s Withdraw option.
- Fill in the required data – such as your receiver’s wallet address and the amount you would like to send.
- Confirm the transactions and after that, check if your receiver has received the bitcoin you sent.