Central Bank of Mexico to Have Digital Currency by 2024

The Mexican government announced on Wednesday the circulation of its own digital currency by 2024.

“Banxico reports that it will have its own digital currency in circulation by 2024,” the Mexican government tweeted. 

The post added that the Central Bank considers the development of new technologies and payment infrastructure valuable in advancing the country’s financial inclusion. 

However, Reuters reported the government’s announcement was unofficial, while Banxico has not immediately replied to requests for comments.

In a report published on Dec. 17, Banxico said it was learning about the “development of a platform” to implement a digital currency. 

“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 worldwide have been exploring the launch of digital currencies, concerned that cryptocurrencies like bitcoin could weaken government control of monetary policy.

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