JAKARTA – Coinbase Global on Tuesday, February 15 said it has launched a pilot program to allow recipients of cryptocurrency in Mexico to be able to cash out their funds in pesos. This is a move aimed at shaking up the $700 billion global remittance market.
Cryptocurrencies like bitcoin are seen as an important way for people to send money to family and friends overseas due to the borderless nature of crypto and fewer intermediaries than transfers in traditional currencies.
Crypto recipients in Mexico can now generate redemption codes on their Coinbase app that can be used to receive cash at 37,000 retail and convenience stores across Mexico, the cryptocurrency exchange said in a blog post on Tuesday.
“The service will be free until March 31, after which customers will be charged “a nominal fee that is still 25-50% cheaper” than traditional international payment options,” a Coinbase source said as quoted by Reuters.
Coinbase added that a pilot program will begin in Mexico and the company will consider other regions from time to time.
If this can be implemented and successful, then several countries are also ready to follow suit. This further proves that crypto is increasingly being accepted by many parties.
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