The government of Mexico announced that the country’s central bank will issue its own digital currency. The statement from the official report to the Mexican presidency informed that the development should be ready by 2024, and noted the significance of the technology for the future of the economic structure of the country.
Banxico will issue digital pesos
A statement issued by the official account of the Mexican presidency on Twitter reported that the institution planned to issue its own digital currency. The announcement also informed that this development is likely to take place towards 2024, and put the country on the list of nations that are studying, or planning to release, their own digital central bank currency (CBDC).
The statement made declared:
Banxico reports that by 2024 it will have its own digital currency in circulation, given that these new technologies and next-generation payment infrastructure are extremely important as alternatives of great value in promoting financial inclusion in the country.
Mexico lacks economic inclusion
Mexico is among the top five countries with the least financial inclusion in the world, according to a study conducted by a company called Merchant Machine. The study, which was published in March, found that Morocco, Vietnam, Egypt, the Philippines and Mexico are the nations with the largest non-bank population.
These data are supported by findings from the Banking Association of Mexico, which recognizes that 53% of the country’s adults do not have a bank account, and 7 out of 10 do not have access to credit. This represents a problem in the Mexican economy, which has to deal with a lack of trust that citizens have in financial products and services and the complications that citizens have to face when accessing these services.
Other countries, such as the Bahamas (which launched the sand dollar) and China (which released its digital renminbi), are already in the implementation stages of the central bank’s digital currencies, and even run tests or allow citizens to use them for retail purchases in some cases. The EU is also still studying the launch of a digital euro.
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