Donald Trump vowed to make remittance transfers from the US to Mexico virtually impossible if he became the next US president. Ever since his election very little has been said about this topic, but Mexicans are afraid that he will make good on this promise. Some people are even willing to stash gold or have valuables transfers by airplane to hedge against such a ban.
Mexican Residents Prepare For The Trump Era
According to recent statistics, close to 12 million Mexicans are living in the United States. All of these people will face difficulties sending money back home to family members if Trump goes ahead with this plan to block remittance transfers. Solutions need to be found, preferably before this can even become an issue.
A lot of these Mexican natives are stashing money and valuables inside plane luggage, even though they risk confiscation while doing so. Sending money home in whatever way possibly is of the utmost importance for this demographic, but Trump can make that very, very difficult. In fact, considering that this remittance corridor is on the path to setting a new annual record, the situation becomes even direr.
Solving this potential problem at an early stage is anything but straightforward, though. In fact, a lot of Mexicans are so concerned about what Trump may do that they are willing to go to extreme measures to transfer value across the border. Stuffing money in hidden places is just one possible option, although other solutions are being explored as well.
Sending cash through the US postal system is another option being considered, despite its obvious drawbacks. Mail often gets lost or even opened, if a random customs inspection is performed. More secure solutions are in high demand, but traditional options such as bonds, stocks, or even precious metals offer no long-term solution to this problem.
Opening a bank account in the US as a Mexican native is not as straightforward either. Doing so requires specific paperwork, which needs to be drafted by the Mexican consulate. For most migrant workers, obtaining such information is all but impossible. Moreover, the Trump government may start monitoring these practices more closely and limiting its effectiveness as well.
All of this points towards Bitcoin as being the only viable answer for Mexicans and migrant workers. Since Bitcoin cannot be controlled by Trump, or anyone else, there is always a remittance corridor at low fees. It is only a matter of time until more people start to see the opportunities that Bitcoin offers.
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