Mexico has said that it will introduce a new central bank digital currency (CBDC) by 2024, based on a tweet that was posted on December 30. This tweet by an account that represents the Mexican presidency stated that “new technologies and next-generation payment infrastructure” would enable Mexico to become more financially inclusive.
Advanced technologies and a next-generation payment network would enable the country to bank more of its citizens who are currently unbanked. Plans for this CBDC come after the recent statement by Andrés Manuel López Obrador, Mexico’s president that the country is not likely to follow in the footsteps of El Salvador and use cryptos like Bitcoin as legal tender.
El @Banxico informa que hacia 2024 tendrá una moneda digital propia en circulación, por considerar de suma importancia estas nuevas tecnologías y la infraestructura de pagos de última generación como opciones de gran valor para avanzar en la inclusión financiera en el país.
— Gobierno de México (@GobiernoMX) December 30, 2021
At least two legislators in Mexico have said that nation needs to embrace digital assets to spearhead the “shift to crypto and fintech.” One billionaire who is also one of the wealthiest people in Mexico, Ricardo Salinas Pliego, has also suggested that Banco Azteca would consider accepting cryptos.
In a 2-minute festive video, Pliego recently urged his 957,200 Twitter followers to shun fiat money and invest in Bitcoin, and also requested them to retweet and share the message. Though many people in the public and business spaces support the use of crypto, authorities and regulators in the country said in 2020 that cartels were using digital currencies to launder money.
Buy Crypto NowWith the growing popularity of cryptos, it is not a wonder that governments around the world, including Mexico, want to establish a CBDC. Based on previous reports, the Central Bank of Indonesia believes that digital versions of the national currencies might prove to be valuable weapons to limit the growth rate of crypto adoption.
