The Mexican government has announced that the country’s central bank will issue its own digital currency. The official account statement of Mexico’s presidency informed that development is expected to be ready around 2024, and underlined the importance of technology for the future of the country’s financial structure.
Banxico will issue a digital peso
A statement released by Mexico’s official Twitter account said the institution was planning to issue its own digital currency. The announcement also indicated that this development is likely to occur around 2024, placing the country on the list of nations that are studying or planning to release their own central bank digital currency (CBDC).
The declaration issued 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 to advance inclusion. financial in the country.
Mexico lacks financial inclusion
Mexico is among the five countries with the least financial inclusion in the world, according to a study by a company called the Merchant Machine. The study, which was published in March, found that Morocco, Vietnam, Egypt, the Philippines and Mexico are the countries with the largest unbanked populations.
This data is supported by the findings of the Banking Association of Mexico, which recognizes that 53% of adults in the country do not have a bank account and 7 in 10 do not have access to credit. This represents a problem in the Mexican economy, which has to contend with the lack of citizens’ confidence in financial products and services and the complications that citizens face in accessing these services.
Other countries, like the Bahamas (which launched the Sand Dollar) and China (which released its digital renminbi), are already in the process of implementing their central bank digital currencies, even running tests or allowing citizens to use them for retail purchases in certain cases. . The EU is also still studying the launch of a digital euro.
What do you think of Mexico as it prepares to launch its own digital currency? Tell us in the comments section below.
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