Central Bank of Mexico will launch its digital currency by 2024

Mexico’s central bank will have its own digital currency in circulation by 2024 as part of efforts to boost financial inclusion.

“Considering these new technologies and state-of-the-art payment infrastructure are of utmost importance as high-value options”The federal government wrote on its Twitter account Wednesday night, confirming the bank’s plan.

Around the world, central banks are developing similar alternatives to cryptocurrencies like bitcoin.

In Mexico, financial regulation prevents banks from negotiating with them. Outgoing Banco de México Governor Alejandro Díaz de León said in an interview on December 21 that policymakers were seeking a digital currency issued by the central bank.

Banxico, as the Mexican central bank is known, laid out a plan to create a digital currency platform based on aspects of its SPEI interbank payment system in a report it published on December 17 on its website, but no date was set. firm launch.

The plan would create a currency that could be used by people without bank accounts, according to the report.