Trump is going to block the flow of remittance funds from United States to Mexico to subsidize the construction of the wall between these two countries.
It is not a secret that presidential candidate Donald Trump announces its intention to build a wall on the border between Mexico and the southern United States. The cost of such a wall is estimated as $10 – 12 billion dollars. Apparently, not to sound ungrounded, Trump unveiled a plan for funding the wall last week. As IBTimes reports, he is going to block the flow of remittance funds from United States to Mexico. The measure will force the Mexican government to pay for the wall.
The United States of America hosts millions of Mexicans who work and save their money to financially help their families in the homeland. Trump’s plan is woefully ignorant of what remittance is, how it works, and why it is so important. However, these funds going from working laborers to their families is that very remittance. The figures say that more than $24 billion dollars per year flows from the US to Mexico.
Genesis Mining, the eco-friendly Bitcoin mining company, explained that companies dealing with funds transfer, such as Western Union, MoneyGram, and Xoom, are all restricted by the existing rules. So what will happen if Trump fulfills his plan to prevent Mexicans from sending money at home and supporting their relatives?
“The solution would be Bitcoin because Bitcoin can’t be stopped. Not by Trump. Not by Putin. Not by anyone. Sure, you can pass regulations to make it more difficult to use but at the end of the day, if people need it, they will always find a way,” said Marco Streng, CEO, Genesis Mining.
If given a cue what to do, every Mexican in the US can visit a website like LocalBitcoins.com, place an order in person, and once bitcoins are received, simply send them to their family in Mexico. Also, they can convert dollars to bitcoins in one of the many Bitcoin ATMs in the U.S.
The process in the USA is rather simple. However, there can be challenges in Mexico. As for now, there are only three Bitcoin ATMs in Mexico. Hopefully, some savvy entrepreneurs will appreciate the potential of the cryptocurrency and install more ATMs.
Streng says: “Now again, we aren’t here to take sides. We just saw this as a great opportunity to raise awareness for Bitcoin as a potential use case to a major potential problem. So, across Southern and Northern California, we’ve taken out billboards that will run for the upcoming weeks that aim to raise awareness for Bitcoin as part of our ongoing #ExploreBitcoin campaign.”
Genesis Mining has recently launched a mobile billboard campaign targeted at JP Morgan’s CEO, Jamie Dimon. Thus, Genesis Mining responds to Dimon’s comments on digital currency, made during an annual meeting of the Institute of International Finance last year.
Dimon warned that “Silicon Vallley is coming” and added that cryptocurrency developers are “coming to eat our lunch. And that’s fine. That’s called competition, and we’ll be competing”.
“Well, Mr Dimon, you’re right. But it’s not just Silicon Valley. Technology is being developed in places like Boston, Israel, and Singapore that are threatening Wall Street’s grip on global finance. Leading that charge is Bitcoin and Blockchain. Big banks like JP Morgan have had a ‘monopoly on money’ for far too long, and for the first time ever, that’s changing,” said CEO of Genesis Mining, Marco Streng.