The data, gathered by Coin Dance, which monitors bitcoin and cryptocurrency use around the world, and first reported by bitcoin trade news site Bitcoinist, shows bitcoin trading volumes on peer-to-peer exchange platforms Localbitcoins, Paxful, and Bisq, in certain regions has been spiking since the news of Trump's plans for a remittance tax first broke. Coin DanceWhite House plans for a remittance tax could resemble proposals laid out by former Kansas secretary of state, Kris Kobach, it has been reported. U.S. officials reported a record 53,000 families were apprehended on the southern U.S. border in March, though Democrats argue the Trump administration is exacerbating the problem. However, banks and money services have been quick to adopt new technologies over recent years, allowing them to improve their services and remain competitive. Government sanctions on remittances could though prove to be the trigger that pushes people towards bitcoin and cryptocurrencies, as capital controls have done in other parts of the world.

Source: Forbes April 16, 2019 07:07 UTC