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Tags: digital currency | Mexico

Mexico's Central Bank to Have Digital Currency by 2024

digital currency
(Dreamstime)

Thursday, 30 December 2021 03:07 PM EST

Mexico's central bank will have its own digital currency by 2024, the Mexican government announced on social media, although the development was not confirmed by the monetary authority, known locally as Banxico. "Banxico reports that it will have its own digital currency in circulation by 2024," the Mexican government wrote late on Wednesday on its official Twitter account.

The post said the central bank "considers that these new technologies and the latest payment infrastructure are very important as valuable options to advance financial inclusion in the country."

But a senior central bank source, who requested anonymity, told Reuters on Thursday that the government announcement was "not official."

Mexico's central back is legally independent of the government. Neither Banxico nor the Mexican government immediately replied to requests for comment.

In a report published on Dec. 17, Banxico said, "It is working on the study and development of a platform aimed at the implementation of a digital currency," but it gave no details on timing.

"The project has among its objectives the opening of accounts for the registration of a digital currency for both banked and unbanked people, thereby contributing to financial inclusion," the report added.

Several central banks around the world are exploring the launch of digital currencies, concerned that cryptocurrencies like bitcoin could weaken government control of monetary policy.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Mexico's central bank will have its own digital currency by 2024, the Mexican government announced on social media, although the development was not confirmed by the monetary authority, known locally as Banxico.
digital currency, Mexico
219
2021-07-30
Thursday, 30 December 2021 03:07 PM
Newsmax Media, Inc.

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