The Mexican government announced that the country’s central bank would issue its own digital currency. The statement from the Official Account of the Presidency of Mexico pointed out that development should be geared towards 2024, and commented about the importance of technology to the future of the country’s financial infrastructure.
Banksico to issue digital peso
A statement released on Twitter by the official account of the presidency of Mexico explained that the institution was planning to issue its own digital currency. The announcement also pointed out that this development is likely towards 2024, putting the country on a list of countries that are studying, or planning to issue, their own central bank digital currency (CBDC).
statement issued declared,
Banxico reports that it will have its own digital currency in circulation by 2024, given these new technologies and next-generation payment infrastructure are extremely important as options of great value to further financial inclusion in the country.
Lack of financial inclusion in Mexico
According to a study conducted by a company called Merchant Machines, Mexico is one of the top five countries with the lowest financial inclusion in the world. The study, which was released in the month of March, found that Morocco, Vietnam, Egypt, the Philippines and Mexico are the countries with the largest unbanked populations.
This data is supported by findings from the Banking Association of Mexico, which considers 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 be dealt with by citizens’ lack of trust in financial products and services and the complexities that citizens face in accessing these services.
Other countries, such as the Bahamas (which launched the sand dollar) and China (which issued its own digital renminbi) are already in the implementation stages of their own central bank digital currencies, even undergoing trials or offering to citizens. In some cases allowing them to be used for retail purchases. , The European Union is still studying the launch of a digital euro.
What do you think about Mexico preparing to launch its own digital currency? Tell us in the comments section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.