– he failed to demonstrate his understanding of the Internet and contemporary, borderless commerce.
If it’s not remittances, immigrants in the US will figure out a way to send their money home if they want to do so. For now, it’s not going to be Bitcoin. But, if Trump does block remittances, you better believe that sooner than later increasing numbers of remitters will look into this blockchain technology. Knowing crypto-currency enthusiasts, they’ll likely troll Trump with Wallcoin. Or “Wall: The Blockchain Solution That Knows No Walls.” There’s already “Trumpcoin.”
Trump wants to use a US anti-terrorism law to ban such money transfers unless Trump made a one-time payment of $5 billion to $10 billion. Hopefully, a Trump President wouldn’t succeed to turn the Mexican government towards, perhaps, China and Russia. (The USSR’s first ally: Mexico) Has Trump heard of the Zimmerman Telegram?
November 8 is the election. This might be the most important November 5 ever. A Trump Administration would propose a rule mandating companies like Western Union Co to require customers prove they were earned legally.
“It’s an easy decision for Mexico,” his campaign said.
About $24 billion a year in remittances from Mexicans in the United States return home to Mexico.
“It (remittances) serves as de facto welfare for poor families in Mexico. There is no significant social safety net provided by the state in Mexico,” Trump claimed.
Obama mocked the idea: “The notion that we’re going to track every Western Union bit of money that’s being sent to Mexico, you know, good luck with that.”
Mexican President Enrique Pena Nieto’s office told Reuters: “The (Mexican) Presidency has no comment on any opinion made in the heat of the electoral process to choose candidates for the U.S. presidency.”
Trump wants to target visas, and impose trade tariffs and enforcing trade rules in order to for Mexico to finance a wall.
I’m sure MoneyGram International and PayPal Holdings Inc’s won’t love Trump’s idea. But, I know some people who will love it – Bitcoiners.
There are already Bitcoin ATM’s in both the US, where there are the most, and Mexico. In Tijuana, the Pacific border city 15 miles south of San Diego, there were two Bitcoin ATM’s hosted by Bitcoin42. While Bitcoin has faced barriers to growth in Baja, Trump’s proposal could make it an attractive option for remitters. The Bitcoin ATM’s – at IMAXESS and BitCenter – appear, due to lack of demand, to have closed. In Mexico City, there are two machines still online.
I’m sure each machine would enjoy an uptick in volume if Trump gets his way.
Featured image from Shutterstock.