Clothes and accessories shops are the ones that know Bitcoin the least, with 25.8%. The restaurant sector is the one with the greatest potential to accept cryptocurrencies, with 64.7%.
It has been reported that most small and medium-sized businesses in Mexico are unaware of Bitcoin (BTC) and cryptocurrencies in general. A study conducted by the British firm UENI determined that 67% of the enterprises are not aware of this branch of finance. For the research, 1287 traders were surveyed during the second half of November and the first days of December 2019.
A fact highlighted by the analysis was that, of the 33% that claimed to know Bitcoin, 50.4% indicated that they would not use it as a form of payment in their establishments, the restaurant sector being the one with the greatest potential to accept it with a 64.7%. In the report, it was stated that, although an important part of the SMB sector does not know anything about cryptocurrencies, it is considered as a mechanism to globalize business.
A study entitled “Is Mexico prepared for cryptocurrencies?” highlights that cryptocurrencies allow investment opportunities that are very attractive to small and medium-sized businesses. It explains that, by working with a virtual currency, small businesses can have access to a global network of businesses operating with cryptocurrencies and thus be more accessible to digital users worldwide.
Something that also attracts people’s attention is that half of the supermarkets and companies selling food products say that they know what Bitcoin is, but 75% of the companies in this industry would not accept the cryptocurrency in their stores.
In a previous study by Psyma Latina, Wisum, Bitso and Fiinlab, which was published in August 2018, it was determined that 47.4% of Mexicans did not buy cryptocurrencies for fear of becoming victims of fraud and another 39.6 % did not do it because they lacked knowledge about the setting of prices of digital currencies.
Cryptocurrencies in Mexico
Beyond the results shown in the study conducted in 2019 among SMBs, Mexico is booming regarding cryptocurrencies. The country is among the first places in Latin America concerning Internet users that own assets of this type. In February 2019, it was reported that the oil-producing nation ranks third with almost 6% of Internet users with some type of investment in Bitcoin, after Brazil and Colombia.
Besides, a survey conducted in February 2018 already indicated that 46% of smartphone users wanted to buy cryptocurrencies, thus showing the potential for Bitcoin trading. Even last year, Bitcoin’s ticker “BTC” was the most searched word by Mexicans on Google.
Just as the interest in Bitcoin has grown in Mexico, so has the interest of local authorities to regulate cryptocurrencies and the companies that make life around them. Even the central bank, Banxico, stated in June 2019 that there should be a “healthy distance” from cryptocurrencies in Mexico.
During the last year, the local crypto industry was also related to all the repercussions that the new FinTech law had on the regulation of Bitcoin and how this legislation could affect exchange houses.
By Alexander Salazar