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Coinbase will allow remittance recipients in Mexico to withdraw cash in local currency

Coinbase, a major US-based exchange, has announced that it will now allow remittance recipients in Mexico to withdraw funds received through its local currency service. This marks the company’s first foray into the remittance business in Mexico, allowing customers to withdraw cash at more than 37,000 convenience stores and other locations across the country.

Coinbase Allows Mexicans to Withdraw Cryptocurrency Remittances in Pesos

Popular cryptocurrency exchange Coinbase announced this week that it was making its first foray into remittances in Mexico. While the exchange previously allowed customers to send cryptocurrency to any other Coinbase user in the world, it will now offer remittance recipients the option to withdraw funds in local fiat currency, in this case, the Mexican peso.

Coinbase announced that it organized the exchange of these remittances at more than 37,000 convenience stores and other locations across the country. Remittance recipients will be able to carry out transactions by generating a unique redemption code in the app. The move is a result of Coinbase’s quest to remove friction from trading cryptocurrencies for fiat currencies.

Coinbase hopes that this use of cryptocurrency will allow the company to be competitive compared to traditional remittance alternatives already on the market. The use of this tool will be free until March 31, 2022.

Remittances and Fees

However, after the mentioned date, Coinbase will start charging fees for these services. The exchange announced that it will charge “a nominal fee that is still 25% to 50% cheaper than traditional cross-border payment solutions.”

The exchange says it recognizes that remittances are a global problem, suggesting a possible future expansion of this service to other countries. In this regard, the exchange stated:

While we started in Mexico, over time we will see other regions where customers face similar challenges.

The US/Mexico corridor remittance business is a multi-million dollar enterprise. According to data from the World Bank and Banco de Mexico, Mexican households received $42.17 billion in remittances during the first ten months of 2021, most of which came from US money orders and wire transfers.

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Ripple Partners with Central Bank Digital Currency Think Tank

Ripple has partnered with the Digital Euro Association (DEA) to work together on Central Bank Digital Currencies (CBDCs).

DEA, based in Frankfurt, Germany, is a think tank focused on CBDCs, stablecoins, cryptocurrencies and other forms of digital money.

The organization aims to influence policy related to CBDC and cryptocurrencies through research and providing a platform for policymakers, technologists and economists to discuss digital assets.

In a new announcement, it describes Ripple as a leader in its field, but does not provide exact details on what the partnership will entail.

“Ripple, a leading provider of enterprise blockchain and cryptographic solutions for cross-border payments, has recently developed a blockchain-based infrastructure to support CBDCs and is engaged with the central bank of Bhutan, among others, to help run its program pilot . of CBDC.

Ripple is also a member of the Digital Pound Foundation and continues to expand its efforts around CBDCs around the world. The DEA partnership with Ripple includes, but is not limited to, joint educational efforts around digital currencies and knowledge sharing.”

DEA President Jonas Gross said:

“We are delighted that, thanks to our partnership with Ripple, we are able to extend the technology experience of the DEA community. As more and more CBDC projects around the world reach advanced stages, the technological design of a CBDC will play a key role for policymakers in the near future, while previous years have mainly focused on research.”

Ripple also addressed the association in a tweet to his followers, saying that it was part of their overall goal to provide CBDC-related solutions on a global scale.

“We are excited to join the Digital Euro Association as a supporting partner to further develop our work with the CBDC!

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Uber CEO Recognizes Possible Integration of Crypto Payments

Uber Technologies CEO Dara Khosrowshahi recently made statements that the ride-sharing company will accept cryptocurrencies in the future as the industry becomes “environmentally friendly” and less expensive.

In an interview with Bloomberg, Khosrowshahi said that the company “at some point” will accept cryptocurrencies, but acknowledged that he still has reservations about it because the “cryptocurrency exchange mechanism is expensive”, adding that such a method is also “not good for the environment”. .”

Khosrowshahi says Uber is still evaluating integrating cryptocurrency payments for its ride-sharing services, which have a global presence.

“Will Uber accept cryptocurrencies in the future? Absolutely. At some point. This is not the right time, but we will.” Khosrowshahi notes.

The executive noted that Bitcoin, along with other cryptocurrencies, has become valuable over time. Khosrowshahi is known as one of the early advocates of Bitcoin. During his 12-year tenure at Expedia, a travel booking platform, Khosrowshahi made the platform one of the first major merchants to accept Bitcoin as a form of payment in 2014.

“I think now what we see with bitcoin and some of the other [cryptocurrencies] is that they are quite valuable as a store of value,” Khosrowshahi said. “As the exchange mechanism becomes less expensive and more eco-friendly, I think you will see us leaning a little more towards cryptocurrencies.” he adds.

Uber has not made any definitive statements on the matter, other than those mentioned by its boss. Since its inception, Uber has not made any moves in the crypto space. Notably, however, Uber co-founder Oscar Salazar moved into the cryptocurrency industry by founding Voyager, a cryptocurrency exchange, in July 2018.

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60,000 Indians urge government to cut cryptocurrency tax to avoid ‘devastating impact’

Many Indians have signed a petition for the government to introduce reasonable tax policies for cryptocurrencies. This week, India’s Finance Minister Nirmala Sitharaman proposed taxing cryptocurrency income by 30%.

Indians Sign Petition Calling Government to Reconsider Cryptocurrency Tax Proposal

A petition has been started on Change.org for the Indian government to “introduce reasonable tax policies for cryptocurrencies”.

Finance Minister Nirmala Sitharaman said during her 2022-23 budget speech earlier this week that crypto income will be taxed at 30% and no deduction will be allowed except for the cost of acquisition.

Aditya Singh, who runs the “Crypto India” YouTube channel, started the petition asking India’s Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to make changes to the tax proposal. To date, more than 58,000 people have signed the petition.

The petition begins by noting that there are between 15 and 20 million cryptocurrency investors in India, as well as several hundred thousand young Indians who are part of the industry. Furthermore, Indian investors hold around $6 billion worth of crypto assets. The petition adds:

The crypto industry also contributes significantly to the country in the form of employment, bringing FDI investments, GST payments and income tax revenue to the government.

The petition asks Prime Minister Modi and Finance Minister Sitharaman to consider five requests.

The first request is that the cryptocurrency industry not be treated like the betting and gambling industries. The second is to adjust the current proposed rate of 30% to the rate applicable to equity transactions.

Furthermore, the proposed 1% tax deducted at source (TDS) should be reduced to 0.05% and “compensation and pass-through of losses should be allowed as cryptocurrency markets are in their early and highly volatile stages” . The acquisition cost must also be defined “to include exchange rates, blockchain network fees, interest payments, royalty payments on NFTs, etc.”

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CoinBase users can receive tax refunds from the United States in Crypto as part of the TurboTax Agreement

The exchange said that users could send the funds to their coinbase accounts at FIAT or automatically convert them to encryption with no negotiation fees.

The Turdax Tax Presentation Platform is in the permission of UU declarers. They obtain their repayments directly into encryption as part of an agreement with Crypto Exchange CoinBase.

In a blog posting on Thursday, CoinBase announced to users who sent their tax returns using Turbotax, would have the option to receive returns on cryptoniences such as Bitcoin (BTC) and other platform compatible. The exchange said that users could send the funds to their coinbase accounts at FIAT or automatically convert them to encryption with no negotiation fees.

A New York team report said the CoinBase offer applies to state and federal income taxes. The encryption exchange already associated with the cointracker tax calculation platform to complete the forms for users to declare gains and capital losses in their returns.

The deadline for US residents UU. Crypto Tax Conformity Company Taxx announced in January that a network of US cryptographic companies was launched. UU intended to provide data from tax reports to users.