According to a report by Forbes Mexico, cryptocurrency industry players have come together to launch the first blockchain association.
Group looks to promote blockchain technology
The report by Forbes revealed that leading industry members such as blockchain software firm ConsenSys are leading the establishment of the blockchain association in the North American country.
The association is composed of prominent companies such as Bitso, Volabit, BIVA, GBM, Lvna Capital, ConsenSys and Exponent Capital. Even though cryptocurrencies and their underlying technology, Blockchain have been gaining widespread traction all over the world, the association is determined to educate Mexicans and companies in the country regarding the deployment of the technology and its potential uses.
As the technology is slowly edging towards mainstream adoption all over the world, the association is looking to jump ahead and come up with standards and practices that will guide the industry. Speaking on this latest development, Felipe Vallejo, provisional president of the Blockchain Association noted that “blockchain technology has the objective of creating more transparent, safe and efficient procedures.”
The association is also looking to expand its membership base. According to BIVA director María Ariza, the group is looking to create a space where the discussion would be possible while also deliberating on public policy. She added that they want everyone to be able to present his/her ideas.
This latest development is a very good one considering the fact that cryptocurrencies have been receiving positive response in the country. Back in September, the Mexican state-backed Bank of Mexico (Banxico), revealed that cryptocurrency exchanges and banks offering crypto services will need to get a permit from the bank in order to continue their operations. The process is straight and plain, with exchanges expected to present a detailed business plan complete with a description of their operation in order to obtain the license. The companies will also have to discuss the charges they would charge their customers and the various ways they will use to identify traders and investors.
Blockchain and crypto associations now popular
The blockchain and cryptocurrency industry has been expanding over the past few months despite the bear market. It is thus not surprising that industry leaders have launched numerous associations with the aim of fast-tracking and helping the adoption of the technology. They are also working with regulators to ensure that comprehensive standards are introduced and adhered with.
Three days ago, a group was established by ten financial and tech firms dubbed Association for Digital Asset Markets (ADAM). This group has been tasked with creating a code of conduct that the cryptocurrency sector would abide by.
Back in September, some crypto and blockchain companies in the United States led by Coinbase formed a group called the Blockchain Association. The group which is based in Washington D.C will stand for mainstream companies that are looking to delve into the sector and stay within the political system. They will help address policy issue and how cryptocurrencies are treated by the tax law in the country.