Cryptocurrency

Mexico to Launch Digital Currency by 2024

Mexico to Launch Digital Currency by 2024

  • Mexico’s government has announced that the country will issue its own digital currency by 2024.
  • The government reportedly sees digital coins as an alternative to cryptocurrencies
  • The coin will be issued by the Central bank who remarked about the importance of the technology for the country’s financial structure

Mexico is set to issue its own digital currency, according to a statement issued by the official Twitter account of the presidency.

Mexico

The Twitter post also indicates that the development and release of the coin is set to happen towards 2024.

The issued statement translated to English reads:

“The Banxico reports that by 2024 it will have its own digital currency in circulation, considering these new technologies and the next-generation payment infrastructure are extremely important as options of great value to advance financial inclusion in the country.”

All over the world, governments are developing alternatives to cryptocurrencies in the form of digital currencies.

Digital currency

The plans to create a digital currency platform were laid down by Banxico, as the central bank is known on December 17th on its website.

Read also: Cryptocurrency Trader Loses £900,000 Worth of Bitcoin After Deleting Password

However, the website report failed to establish a launch date for the coin. The initiative aims to create a currency that can be used by people without bank accounts.

Mexico joins both Brazil and Peru as Latin American nations set to launch CBDCs, and it comes a few months after Nigeria launched its own digital currency, eNaira.

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