First Blockchain Association Formed in Mexico

The Blockchain Association of Mexico has been established with the aim of educating people about the technology’s implementation and various applications.

Mexico has formed its very first blockchain technology association, with the objective of educating citizens about the usage of distributed ledger technology (DLT), many potential applications of which are as yet undiscovered.

As per a report by Forbes Mexico on November 28, the Blockchain Association of Mexico has been formed by companies including Bitso, Volabit, BIVA, GBM, Lvna Capital, ConsenSys and Exponent Capital. Speaking on the occasion, the association’s provisional president, Felipe Vallejo, highlighted the uses of blockchain tech, saying:

“This technology has the objective of creating more transparent, safe and efficient procedures.”

Exponent Capital, founder Mouses Cassab added:

“The current applications of the blockchain range from decreasing the costs of sending remittances and international payments, to the democratization of the financial system.”

In addition to creating awareness about DLT, the member organizations also intend to push for the implementation of standards for safe usage of the technology, before it becomes a powerful tool with widespread usage. A regulatory framework is essential, for the prevention of bad practices in the DLT space, such as fraud or money laundering.

In addition to the original founding members, other entities and organizations are welcome to join the association, in order to cover a vast variety of industries.

“We want to generate a space for discussion and public policy. We want everyone to be able to present their ideas,” said María Ariza, director of the BIVA.

While digital currencies such as Bitcoin have put governments and regulatory authorities worldwide on the backfoot, the underlying technology of blockchain has generated a great deal of interest. Governments and central banks have been conducting trials to test the various applications of the technology in a variety of sectors – the Mexican government, for example, looked into conducting a public procurement procedure on a blockchain network earlier this year.

In addition, numerous associations have been formed to study the technology (its implications and applications), and investigate/regulate its usage, such as the Congressional Blockchain Caucus in the United States.

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