Mexico confirms plans to roll out CBDCs in 2024

Mexico has announced that it aims to introduce a new national central bank digital currency (CBDC) by 2024. According to a tweet posted on Thursday.


Crypto in Mexico

The tweet from an account masquerading as the Mexican presidency emphasized that “new technologies and next-generation payment infrastructure” will help Mexico become more financially inclusive.

The plans for a CBDC follow a statement from the President of Mexico, Andrés Manuel López Obrador. He said Mexico is unlikely to follow in El Salvador’s footsteps and use cryptocurrencies such as Bitcoin as its legal currency.

At least two lawmakers in Mexico say the country will embrace digital assets. With this, Mexico wants to start the “shift to crypto and fintech”. Ricardo Salinas Pliego, a billionaire and one of Mexico’s richest men, has also stated that Banco Azteca would consider accepting crypto currencies. In a two-minute celebratory video, the billionaire recently called on his 957,200 Twitter followers to leave behind fiat money and invest in Bitcoin. He also asked to retweet and share the Twitter message.


Advocating for the use of crypto

Many people in the public and business sectors are advocating the use of crypto. However, authorities in the country stated in 2020 that cartels were using digital currencies to launder money.

The popularity of crypto currencies is growing all over the world. Governments around the world, including Mexico, are considering the option for a CBDC. The Central Bank of Indonesia believes digital versions of national currencies could be a valuable weapon to counter the growing adoption of cryptocurrencies.

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