The Mexican government announced that the country’s central bank will issue its own digital currency. A statement from the official account of the President of Mexico stated that the development should be ready by 2024 and commented on the importance of the technology to the future of the country’s financial structure.

Banxico issues digital pesos

The official account of the Presidential Palace of Mexico issued a statement on Twitter stating that the agency is planning to issue its own digital currency. The announcement also pointed out that this development may occur around 2024, putting the country on the list of countries that are studying or planning to release their own central bank digital currency (CBDC).

Statement issued Announce:

Banxico reports that by 2024, it will have its own digital currency circulation, considering that these new technologies and next-generation payment infrastructure are very important as an important choice to promote the country’s financial inclusion.

Mexico lacks financial inclusion

According to a report, Mexico is one of the five countries with the lowest financial inclusion in the world learn Implemented by a company called Merchant Machine. The study was released in March and found that Morocco, Vietnam, Egypt, the Philippines and Mexico are the countries with the largest unbanked population.

This data is supported by the findings of the Mexican Banking Association, which admits that 53% of adults in the country do not have a bank account and 7 out of 10 people do not have access to credit. This represents a problem in the Mexican economy, which must address the citizens’ lack of trust in financial products and services and the complex issues that citizens must face when accessing these services.

Other countries, such as the Bahamas ( roll out Saudi Arabian dollar) and China (publishing its digital currency renminbi), it is already in the implementation stage of the central bank’s digital currency, and in some cases even tests or allows citizens to use them for retail purchases.The EU is still there learn Launch of the digital euro.

What do you think of Mexico preparing to launch its own digital currency? Tell us in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He described himself late and entered the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and socially affected by the cryptocurrency boom, he offers a different perspective on the success of cryptography and how it can help the unbanked and underserved people.

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