• Sat. May 21st, 2022

Mexico’s central bank to launch digital currency by 2024 | Technology news

The central bank considers technology very important for financial inclusion, the Mexican government wrote on Twitter.

Mexico’s central bank will have its digital currency by 2024, the Mexican government has announced on social media, although the development has not been 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 on its official Twitter account on Wednesday.

The post said the central bank “considers these new technologies and the latest payment infrastructure to be very important as valuable options for advancing financial inclusion in the country.”

But a senior central bank source, who requested anonymity, told Reuters news agency on Thursday that the government’s announcement was “unofficial.”

The central bank of Mexico is legally independent from the government.

Neither Banxico nor the Mexican government immediately responded to Reuters requests for comment.

In a report published on December 17, Banxico said: “It is working on the study and development of a platform aimed at the implementation of a digital currency”, but he did not give any details on the calendar.

“The project has among its objectives the opening of accounts for the registration of a digital currency for banked and unbanked people, thus contributing to financial inclusion”, adds the report.

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

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