The First Blockchain Association Opens up in Mexico

The first Blockchain Association in Mexico was recently formed by seven founding members which included Bitso, BIVA, GBM, Lvna Capital, Volabit, ConsenSys, and Exponent Capital. According to the Mexico Forbes article published on November 28, 2018, the organizations are keen to educate Mexican citizens about blockchain technology and form safety standards for the industry.

Educating the Public about Blockchain Technology

The Mexican Blockchain Association’s fundamental goal is to educate the Mexican people of blockchain technology, its many uses, and benefits.

Mouses Cassab, the founder of Exponent Capital, a private equity firm and member of the Blockchain Association, mentioned that the current uses and applications of blockchain range from reducing the costs of sending international payments to the democratization of the current existing financial system.

Forbes added that these use cases are possible because blockchain technology provides confidence and trust without the need for intervention from a third party like an intermediary or a quality control agent.

“This technology has the objective of creating more transparency, safe, and efficient procedures,” said Felipe Vallejo, a provisional president of the Blockchain Association in Mexico, in a rough English translation.

In addition to educating the public, the Mexican blockchain community’s agenda is also to ensure that the community has strong standards concerning the safe and quality use of blockchain technology, especially before it becomes a popular and mainstream tool. Examples of safe practices include undergoing know your customer (KYC) checks and avoiding the facilitation of illegal activities like using the technology for money laundering, or terrorism financing.

Inspired by Other Associations

The organizations banded together and created a blockchain association by drawing inspiration from other national Blockchain Unions that operated in other countries. Examples include CryptoValley in Zug, Switzerland, the Korean Blockchain Association in South Korea, and the Congressional Blockchain Caucus in the United States.

Maria Ariza, BIVA’s director, mentioned that the association should be a place where the blockchain community can discuss important issues such as public policy. Ariza added that the Association wants everyone to be able to present their ideas and opinions freely.

Although the Mexican Blockchain Association began with seven members, it is, however, open to other organizations and entities who are keen to join. The group is reportedly receptive to new members as the organization believes that blockchain technology can apply to all industries.