Mexican government confirms that it plans to issue a digital currency in 2024

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2022-01-01 16:20:50

That country’s executive branch insists that it considers these new technologies and payments infrastructure “critically important” to promote financial inclusion.

The Central Bank of Mexico (Banxico) plans to issue a central bank digital currency (CBDC) by 2024, the Mexican government confirmed in a tweet late Wednesday.

According to the tweet, Banxico “will have its own digital currency in circulation” by 2024, as it considers “the utmost importance of these new technologies and modern payment infrastructure as options great value choice to promote financial inclusion in the country”.

Banxico plans to put its CBDC in circulation “by the end of 2024 at the latest,” Banxico Deputy Governor Jonathan Heath said during a recent video conference hosted by S&P, the Mexican publication El CEO reported. on Tuesday.

“We will be using paper money as the dominant payment at the national level for a long time, so we don’t want to be absent from these technological advancements,” added Heath.

Thus, Mexico joins Brazil and Peru in the group of Latin American countries working on the development of CBDCs.

On December 2, Banxico Governor Victoria Rodriguez Ceja said the monetary authority was considering launching a CBDC.

“Authorities at the international level, with the concern that these virtual assets have arisen and their growth, have recognized the need and potential to expand the functions of legal tender. through the potential realization of Central Bank-issued digital currencies,” he said, according to a report by Independent en Español.

Arturo Herrera, Mexico’s finance minister, said in June that cryptocurrencies are not legal tender assets or currency within the country’s current regulatory framework. A month later, the Mexican Financial Intelligence Unit (FIU) accused 12 exchanges of failing to meet its reporting requirements.

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