Bank of Mexico: digital currency will be in circulation by 2024


With each passing day, we learn that more and more countries are at different stages when it comes to issuing a CBDC. While some could set off through pilot programs, others still weigh the pros and cons.

On that note, there are reports that another Latin American country has also joined the CBDC race.

“Mex” and Match

On December 30, the official report of the Presidency of the Mexican government announcement that Banco de México has shared its intention to issue a digital currency in about two years. A translation of the original tweet declared,

the @Banxico reports that by 2024 it will have its own digital currency in circulation, as these new technologies and next-generation payment infrastructure are extremely important as high-value options for advancing financial inclusion in the country. “

Mexican wrap

In the context of this news, however, it’s important to take a look at Mexico’s burgeoning crypto-scene to understand how far adoption has gone. For example, the Blockchain LatAm Report 2021 from Sherlock Communications declared,

“, currently Mexico’s main stock exchange, offers cash deposits for Bitcoin wallets as well as cash withdrawals at over 140,000 convenience stores across the country. This means that 140,000 convenience stores have effectively been turned into cryptocurrency ATMs. “

That being said, a large portion of cryptocurrency users view CBDCs with suspicion. The way Mexican crypto-users react to this news could change in the future, depending on a number of factors. These include a technical white paper, information about the platform used, how privacy will be protected, and possible use cases for the CBDC.

While the Blockchain LatAm report also noted that remittances were a major use case of cryptography among Mexicans, Banco de México is said to focus on financial inclusion in the country.

Once upon a time in mexico

Mexican leaders have largely maintained a conservative outlook on the formal adoption of decentralized digital currencies. In October alone, President Andrés Manuel López Obrador reportedly said:

“We are not going to change in this aspect. We believe in maintaining orthodoxy in financial management [and] not try to innovate much in financial management.

On the other hand, Banco de México’s note on developing cutting edge payment technology may soon signal a change in the government’s official position.


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