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1st Mexican ‘Bitcoin’ launched from Yucatán

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Mérida, Yucatán — The first cryptocurrency supported by Mexican real estate is in circulation, backed by more than 1,500 hectares/3,707 acres of development in Yucatán and Cancun.

According to tradcoin.org, Tradcoin, which similar to Bitcoin, went online with a value of 2 pesos or 11 cents; it will have eight pre-sale stages; backers project that in three years it will reach a value between USD$7 and $15.

Tradcoin will be supported by seven pillars, according to its young creators, Yucatecan Octavio Gonzalez and partner from Monterrey named Miguel Aguayo, cryptocurrencies are safe and incorruptable.

Aguayo boasts of more than 18 years of experience in real estate and construction with important firms such as Yucatan Country Club. Gonzalez has more than 20 years of technology experience, according to the Tradcoin website.

They add that the blockchain technology used to create Tradcoin generates a continuously growing list of records, called blocks, which are linked and secured using cryptographs.

The website points out that Tradcoin will be an investment guarantee, since by acquiring them “you will be receiving a piece of Mexico in your cryptocurrency, that is, you will have the certainty of receiving in exchange for your Tradcoin a wide range of real estate products such as lots to build, apartments, bungalows, housing, condominium towers and commercial spaces.”

In addition, they point out that cryptocurrency is open to foreign investment inside and outside of Mexico.

The creators hope that this year their cryptocurrency will be accepted in exchange houses and promoted in shops and companies to compete with Bitcoin.

Bitcoin, the leading cryptocurrency, uses peer-to-peer technology to operate without a central authority or banks; the management of transactions and the issuance is carried out collectively by the network. It is open source, meaning its design is public. Nobody owns or controls Bitcoin and everyone can participate.

Tradcoin’s first pre-sale was held March 1, around the same time Mexico’s lower house of Congress approved a bill to regulate the fast-growing financial technology sector on Thursday, including crowdfunding and cryptocurrency firms.

The bill now awaits President Enrique Peña Nieto’s signature.

Sources: Sipse, Reuters

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