HomeCrypto UpdatesGovernment says Mexico's Central Bank will introduce digital currency within 3 years...

Government says Mexico’s Central Bank will introduce digital currency within 3 years to foster financial inclusion

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The Mexican government announced on social media that the central bank of Mexico will launch its own digital currency by 2024.

“Banxico reports that it will have its own digital currency in circulation by 2024,” the Mexican government wrote on its official Twitter account this week.

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

However, Banxico, the monetary authority of Mexico, has not officially confirmed the development. The central bank is legally independent of the government. An anonymous senior bank official also told Reuters that the announcement was unofficial.

A few weeks ago, Banxico stated in a report that it is studying and working on the development of a platform for implementing a digital currency, but did not provide any details on timing.

The objective of this CBDC project is to improve financial inclusion by providing accounts for the registration of a digital currency for both banked and unbanked individuals.

This week, the central bank of India also stated that it needs to adopt a basic model for its CBDC.

“Given its dynamic impact on macroeconomic policymaking, it is necessary to initially adopt basic models and thoroughly test them to minimize their impact on monetary policy and the banking system,” the Reserve Bank of India (RBI) said in a report. “India’s progress in payment systems will provide a useful foundation for making a state-of-the-art CBDC available to its citizens and financial institutions,” it added.

The RBI further stated in its report ‘Trend and Progress of Banking in India 2020-21’ that the CBDC can offer various benefits such as liquidity, scalability, acceptance, faster settlement, and anonymous transactions to its users.

The post Mexico’s Central Bank to Launch its Digital Currency in Next 3 Years to “Advance Financial Inclusion,” says the Government first appeared on BitcoinExchangeGuide.

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