Mexico confirms plans to roll out CBDCs in 2024

Mexico confirms plans to roll out CBDCs in 2024

According to a Thursday tweet, Mexico announced it will introduce a digital currency for its national central bank (CBDC). A tweet from the Mexican presidency stated that Mexico will become more financially inclusive by using “new technologies” and next-generation payment infrastructure.

El @Banxico informa que hacia 2024 tendra una moneda digital propia en circulacion, por considerar de suma importancia estas nuevas tecnologias y la infraestructura de pagos de ultima generacion como opciones de gran valor para avanzar en la inclusion financiera en el pais.
— Gobierno de Mexico (@GobiernoMX) December 30, 2021

Plans for a CBDC are in line with the recent statements by Mexico’s President Andres Manual Lopez Obrador stating that Mexico will not follow El Salvador’s lead and use cryptocurrencies such as Bitcoin (BTC), as legal currency.

Related: Bitcoin transactions are ‘akin bartering’, Bank of Mexico Governor says

Two Mexican lawmakers have suggested that Mexico embrace digital assets in order to lead the “shift towards crypto and fintech.” Ricardo Salinas Pliego is a billionaire who is also one of Mexico’s most powerful men. He has stated that Banco Azteca will consider accepting cryptocurrency. The billionaire, Ricardo Salinas Pliego, recently asked his 957,200 followers on Twitter to abandon fiat money and invest in Bitcoin. He also asked them to share and retweet the video.

While many people, both in business and the public, support crypto, authorities in the country stated that in 2020 cartels used digital currencies to launder cash.

It is not surprising that cryptocurrencies are becoming more popular around the globe. This is why many governments, including Mexico, are looking at establishing a CBDC. According to Cointelegraph, the Central Bank of Indonesia believes that digital versions of national currency could be an effective weapon against the increasing adoption of cryptocurrency.

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