#CryptoRegulation
šØš„ Trumpās āBig, Beautiful Billā Could Drive Millions to Crypto! šøš²
President #Trumpās GOP-backed proposal
would slap a 5% tax on remittances sent by non-U.S. citizensāimpacting 40M+ people. š³
š Countries like Mexico, a top remittance recipient, are sounding the alarm. President Sheinbaum called it āarbitrary and unfair,ā noting remittances fuel both economies.
š° In 2024 alone, Mexico is expected to receive $64B in remittances. Thatās over $3B in potential tax revenue if the bill passes.
But hereās the twist:
š Analysts warn that this tax could push senders to explore crypto alternatives to bypass the feeāespecially self-custodial wallets, which fall outside the billās scope.
š No middlemen. No tax. No problem.
As traditional channels get squeezed, cryptoāonce overlooked for remittancesāmight finally have its breakout moment.
š Eyes on: