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Mexico to Roll Out CBDCs In the year 2024

A next-gen payment structure combined with new technologies could stand to benefit Mexico, making it a lot more financially inclusive.

Mexico
Photo by jkraft5 / Envato

Mexico announces its plan to introduce a brand new national central bank digital currency (aka CBDC) in the year 2024, per a tweet posted on Thursday. Said tweet was made by an account that represents the Mexican Presidency and duly highlighted that “new technologies and next-generation payment infrastructure” shall help Mexico become more financially inclusive.

This announcement comes after the very recent statement made by Mexico’s President Andrés Manuel López Obrador, who said that Mexico is very unlikely to follow in the footsteps of El Salvador and use cryptocurrencies like Bitcoin (BTC) as a legal currency.

Right now at least 2 lawmakers in Mexico have made the suggestion that the country should embrace digital assets and be a spearhead when it comes to the “shift to crypto and fintech.” One of Mexico’s wealthiest men, and a billionaire in his own right, Ricardo Salinas Pliego stated Banco Azteca would consider accepting crypto. He called on all 957,200 of his Twitter followers in a 2-minute video, and he asked them to leave flat money behind and suggested they turn to BTC when it comes to investment. He then requested they retweet and share the message.

While a large number of people in the business sector do in fact advocate for crypto usage, the nation’s authorities stated that last year, cartels were making use of digital currencies in order to launder money.

As the rise of cryptocurrencies continues, it really shouldn’t come as a surprise that the world’s governments, also including Mexico, are really pondering the establishment of CBDC. The Central Bank of Indonesia for instance thinks that digital versions of national currencies ought to be a pretty valuable weapon when as far as the combat of growing adoption of crypto is concerned.

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