Mexico announces it will issue its own digital coin by 2024 – bitcoin news

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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 planned 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 studying or considering releasing their own central bank digital currency (CBDC).

The released statement said:

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 findings from the Mexico Banking Association, 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.

Sergio goschenko

Sergio is a Venezuela-based cryptocurrency journalist. He describes himself as late in the game, entering the cryptosphere when the price hike occurred in December 2017. Having a background in computer engineering, living in Venezuela and being impacted by the cryptocurrency boom on a social level , it offers a different point of view. on the success of crypto and how it is helping the unbanked and underserved.

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