Mexico’s stance on cryptocurrencies has been proactive, just like that of El Salvador, Honduras, Brazil and Peru in Latin America. As a result, Mexico holds the 13th position in crypto adoption globally in the 2024 ranking by Chainalysis.
The government has been cautious towards cryptocurrencies and, at the same time, has clamored for technological advancements, especially in the financial sector.
In 2018, a Fintech Law was established with clear regulatory guidelines for financial institutions. This law regulates technologies in the sector, including blockchain and cryptocurrencies. It was enacted to foster innovation while protecting consumers from potential risks.
A major contributor to the growth of cryptocurrencies in Mexico is cross-border payments. Mexico is the second-largest recipient of remittances globally. In 2023, the World Bank recorded that remittances reached $67 billion.
The cost of traditional remittance services is often too high. Cryptocurrencies provide faster and cheaper alternatives for cross-border payments, making them an attractive option for families receiving money, especially from the United States.
A rising number of businesses in Mexico are now accepting cryptocurrencies. This could be attributed to its proximity to the United States (US). The US as we know it, is a leader in cryptocurrency innovation and investment, and its trends often spill over into Mexico through cross-border trade, remittances, and shared digital platforms.
In this article, we will take a look at the top businesses that accept crypto in Mexico, and of course, how you can locate them.
Key Takeaways
- Cryptocurrencies are legal and unregulated but attract tax implications.
- The leading cities for spending crypto in Mexico are Puerto Vallarta, Mexico City, Monterrey and Guadalajara.
- This is because they are tourist-attractive and tech-savvy hotspots.
- Restaurants, cafés, retail outlets and pharmacies lead businesses that accept cryptocurrencies.
- Coin Radar records that over 100 Bitcoin ATMs and tellers exist in Mexico.
Where to Spend Crypto in Mexico
1. Elektra
Crypto accepted: BTC
Leading supermarket and banking chain, Elektra is one of the first businesses to accept cryptocurrencies as payment in Mexico. In 2021, this acceptance was announced for making payments online and in its physical stores across the country.
Source: news.bitcoin.com
Elektra belongs to the conglomerate Grupo Salinas, which is owned by Mexico’s third-richest billionaire, Ricardo Salinas Pliego. To confirm the announcement, Salinas tweeted:
“The rumors are true. Elektra is the first (retail) store in Mexico that allows you to buy with Bitcoin. I’m very sorry to beat the competition again.”
You would agree with me that this announcement was cool, but a 20% discount even made it cooler. The Billionaire announced this discount on all purchases made with Bitcoin until 31st December 2021.
At Elektra, customers will be able to check out using Bitcoin and crypto processing service Bitpay, which processes all of the payments on behalf of the chain.
Let me give you a fun fact about Elektra’s owner, Ricardo Salinas Pliego. The Billionaire once revealed that he has allocated 70% of his investment portfolio to bitcoin and bitcoin-related assets.
Source: bitcoinmagazine.com
Do you know what this means? Salinas is a strong believer in Bitcoin, and this might just mean that crypto has come to stay in Elektra.
2. Café Punta del Cielo
Crypto accepted: BTC, ETH, USDT
In 2015, the largest coffee supply chain in Mexico, Café Punta del Cielo announced the acceptance of Bitcoin for payments at one of its university outlets, Universidad de las Americas Puebla (UDLAP).
Source: Coin Desk
The Café partnered with Bitso, a local crypto exchange, to offer this service through its payment processing service, BitsoPagos, with expectations to reciprocate it at other branches nationwide.
In the words of Pablo Gonzalez, the CEO of Bitso:
“With BitsoPagos, Punta del Cielo can offer another payment solution for its customers – one that is secure, cost-effective, and easy to use.”
Pablo further said:
“We are very excited that the Punta del Cielo in UDLAP is the first in the franchise to begin taking Bitcoin payments. Students are now able to experience first-hand next-gen payment technology on their daily routine.”
To get a view of how big this cafe is, it has over 100 branches in Mexico, this indeed is a win for Bitcoin and the crypto-verse.
3. India Gate Puerto Vallarta
Crypto accepted: Not specified
If you are in Mexico and love Indian cuisine, you should head over to Puerto Vallarta and find your way to India Gate. It is a popular restaurant that brings “India” to you in Mexico.
Source: Trip Advisor
To add icing to the cake, and why it is on this list, India Gate has been accepting cryptocurrency as far back as 2013, as the restaurant also invests in cryptocurrencies.
4. Farmacia Puerto Vallarta
Crypto accepted: BTC
Crypto payment in a Pharmacy? I was shocked too. In Mexico, particularly in the Puerto Vallarta region, you can find pharmacies that accept Bitcoin as payment.
One of which is Farmacia Puerto Vallarta. Check these images out as proof:
Source: Reddit
A quick look inside this Pharmacy I found this:
Source: Reddit
Look closely and zoom right in:
Source: Reddit
There it is. The “We accept credit cards and Bitcoin” indication is at the right-top side of the signpost.
5. Imported Smoked Vallarta
Crypto accepted: BTC, ETH, USDT
Vape shops in Puerto Vallarta are signing up for the digital revolution as they accept all forms of payment. From cash to debit cards and even cryptocurrencies.
I took a glance into Imported Smoked Vallarta and found this:
Let’s zoom right in a bit…
Can you see that? That’s a portable Bitcoin ATM!
This means, at your convenience, you can choose to make payments using any currency you feel like.
6. HykStudios
Crypto accepted: BTC
HykStudios is a real estate photography and videography company that also offers consultancy services in Puerto Vallarta.
Source: hykstudios.com
Yes of course! HykStudio also accepts cryptocurrencies, and they did not just start recently. This studio has been accepting crypto since 2022. Here’s a tweet attesting to the statement:
Source: Twitter
7. The Marietas Islands
Crypto accepted: BTC
The Marietas Islands or Islas Merietas in Spanish, is a group of Islands located just off the coast of Puerto Vallarta. It is a beautiful acclaimed natural attraction, which is famous for its stunning Playa del Amor (Beach of Love).
Source: vallarta-adventures.com
The Islas Marietas National Park presents a variety of options for outdoor adventure enthusiasts and nature lovers, from scuba diving to bird watching and humpback whale watching.
In this Instagram Post, the management of the National Park announced in 2023 that Bitcoins are accepted.
8. Bitcoin ATM
Coin Radar has identified 101 Bitcoin ATMs and tellers across major cities in Mexico. Here are they:
| S/N | City | No. of Bitcoin ATMs / Teller |
| 1 | Aguascalientes | 1 |
| 2 | Bacalar | 1 |
| 3 | Cabo San Lucas | 1 |
| 4 | Cancún | 7 |
| 5 | Culiacán | 1 |
| 6 | Guadalajara | 7 |
| 7 | Mexico City | 64 |
| 8 | Monterrey | 9 |
| 9 | Puebla | 1 |
| 10 | San Luis Potosi | 1 |
| 11 | San Miguel de Cozumel | 1 |
| 12 | San Pedro Garza García | 2 |
| 13 | Santiago de Querétaro | 2 |
| 14 | Tijuana | 2 |
| 15 | Zapopan | 1 |
| Total | 101 | |
From the list above, Mexico City leads with 64 Bitcoin ATMs and tellers, while Monterrey and Cancún follow far off with 9 and 7 respectively.
These ATMs provide a means for you to convert currencies at your will, giving you control over your transactions.
In summary and to juggle your memory a bit, here’s a tabulated list of all the businesses we’ve mentioned and their respective addresses:
| S/N | Businesses | Type of Business | Location |
| 1. | Elektra | Retail | Nationwide |
| 2. | Café Punta del Cielo | Cafe | Puebla |
| 3. | India Gate | Restaurant | Puerto Vallarta |
| 4. | Farmacia PV | Pharmacy | Puerto Vallarta |
| 5. | Imported Smoked Vallarta | Vape Shop | Puerto Vallarta |
| 6. | HykStudios | Photography and Videography | Puerto Vallarta |
| 7. | The Marietas Islands | National Park | Bahía de Banderas |
| 8. | Bitcoin ATMs | Currencies Exchange | Nationwide (See table above for specific locations) |
Tips for Spending Crypto in Mexico
Now that you have seen a glance at businesses that do accept cryptocurrencies in Mexico, let’s talk about tips for spending crypto and how to smoothen your experience.
Target Crypto-Friendly Businesses:
Be on the lookout for merchants that proudly and clearly say they accept crypto. You can find such businesses in urban hubs like Puerto Vallarta, Mexico City, Monterrey, or tourist spots like Cancún.
One advantage in Mexico is that you can spend crypto in different niche spots—from restaurants to coffee shops, retail outlets, photography shops, national parks etc. Your choice is limitless!
Get a Crypto Debit Card:
If you still can’t find a particular business that accepts crypto, you should fall back to a crypto-backed debit card.
Bitso, Mexico’s leading exchange, offers a debit card tied to your crypto wallet. With it, you can seamlessly convert crypto to fiat.
Go Peer-to-Peer (P2P):
You could fall back to the P2P option—either local options or on crypto exchanges, you can initiate a transaction and convert those coins to pesos.
Explore Payment Gateways:
Some businesses in Mexico use processors like BitPagos to accept crypto as we saw in the coffee shop earlier.
This however might not be the case for other businesses. Always ask upfront if they support it—don’t assume.
Mind Taxes and Records:
Every crypto-to-peso conversion or sale is a taxable event in Mexico. Keep receipts or transaction logs from exchanges or wallets, especially for big spends. You never know when the Mexican Tax Administration Service (SAT) will demand it.
Stablecoins for Stability:
If you’re holding crypto to spend, consider stablecoins like USDT or USDC over volatile assets like Bitcoin. This will save you from shocks and surprises while making purchases.
Challenges of Spending Crypto in Mexico
Spending cryptocurrency in Mexico comes with several challenges due to its legal status, limited adoption, and practical hurdles. Here’s a rundown of some key constraints:
Low Merchant Adoption:
Direct acceptance of crypto is rare. Outside of a few tech-forward and tourist-friendly areas like Puerto Vallarta, Mexico City, and Guadalajara, most merchants—especially small businesses, markets or stores—do not accept cryptocurrencies.
Volatility Risks:
The volatile nature of cryptocurrencies can discourage using it for payments especially for small purchases. This unpredictability can make budgeting tricky.
Tax Complexity:
Every time you spend crypto or convert it to pesos, it’s taxable under Mexican law. Capital gains tax applies, and tracking cost basis across transactions can be a nightmare without proper records. Most casual users aren’t equipped for this, risking audits from the SAT if they don’t comply.
Limited Infrastructure:
Unlike countries with robust crypto ecosystems (e.g., El Salvador with Bitcoin ATMs), Mexico lacks widespread crypto-friendly infrastructure. Bitcoin ATMs do exist but not evenly spread. You could find over 64 in Mexico City and just 1 in San Luis Potosi.
Poor internet in rural areas can also disrupt wallet access or transactions.
Security Concerns:
While carrying out crypto transactions gives you that digital-savvy persona, it also exposes you to risks like theft or scams, especially in P2P trades. Mexico’s high crime rates amplify this—flashing wealth, digital in this case, can attract attention.
Awareness and Trust Gap:
To have any successful transaction, we need a bit of trust between the seller and buyer. In Mexico, you can’t find trust in essence due to the level of high crime rate, as we’ve built above. Many Mexicans, including merchants, don’t understand or trust crypto.
Volatility, scams, and headlines about illicit use (e.g., cartels) have soured its reputation. Convincing someone to accept it directly often requires education, which slows down adoption.
Internet Dependency:
Spending crypto relies on reliable internet for wallet access, exchange trades, or card transactions. In urban areas, this is hardly an issue, but in remote regions or during outages, you would wish you had cash.
Conclusion
Mexico presents quite a number of options to spend cryptocurrencies. By options, I mean different cities and a variety of businesses unlike some neighbouring Latin American countries.
From Cafés in Puebla, to Pharmacies in Puerto Vallarta, and random Elektra retail outlets, plus Bitcoin ATMs all around, you are at financial liberty to explore, amigos.
FAQs
1. Is cryptocurrency widely accepted in Mexico?
Cryptocurrency adoption is growing, as more businesses such as major retailers like Elektra, Cafes, Restaurants and even Pharmacies are accepting crypto.
However, they are domicile in tourist-friendly cities like Puerto Vallarta and Mexico City, but overall, cash and cards remain dominant. Always ask before initiating a transaction.
2. What cryptocurrencies can I use in Mexico?
Bitcoin dominates all other cryptocurrencies in Mexico. Businesses like Elektra, India Gate, and Café Punta del Cielo clearly indicate that they accept Bitcoin but are silent about other coins and tokens.
Some places may accept others like Ethereum through platforms like Bitso, but Bitcoin is the safest bet for direct spending.
3. Are there Bitcoin ATMs in Mexico?
Yes, there are 101 Bitcoin ATMs and tellers across Mexico according to Coin Radar, with the highest concentration in Mexico City, followed by cities like Monterrey and Guadalajara. They allow you to convert Bitcoin to pesos or vice versa.
4. Which cities in Mexico are the most crypto-friendly?
Mexico City, Puerto Vallarta, and Monterrey stand out due to a mix of tourist appeal and tech-savvy businesses. Puebla also has growing acceptance, notably at places like Café Punta del Cielo.
5. Do I need a special wallet or app to spend crypto?
You’ll need a crypto wallet (like Bitso, UEEx, Coinbase, or a personal wallet) to store and spend your digital currency. Some businesses may require you to scan a QR code or use a specific payment platform, so ensure your wallet is compatible.
