Central bank digital currency is launched in this populous Latin American country

The Mexican government plans to launch a central bank digital currency (CBDC) by 2024.
In a new post on the Central American nation’s official Twitter account, the importance of new financial technologies in making banking easier for the population is cited.

The Gobierno de Mexico says:

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

The announcement is a significant step towards the formal introduction of Cryptocurrencies for Mexico. Back in June, the Central Bank of Mexico published a press release reiterating the institution’s stance on cryptocurrencies.

“Virtual assets are not legal tender in Mexico, nor are they currencies in the current legal framework.

The country’s financial institutions are not authorized to trade virtual assets and offer them to the public … in order to maintain a healthy distance between them and the financial system. “

Regarding stablecoins, the document states:

“Lately there have been announcements about the issue of the so-called ‘stablecoins’.

It should be remembered that Mexican law states that in no case other assets denominated in legal tender or foreign currencies are to be understood as virtual assets.“

Mexican billionaire and proponent of the cryptocurrency Ricardo Salinas Pliego, when asked for his opinion on the upcoming CBDC by another Twitter user, responded with one word:

“Bitcoin. “

Pliego previously touted Bitcoin specifically because of the portability and limited supply of BTC.

“It is an asset of international value that trades with tremendous liquidity on a global scale.

The limited supply of Bitcoin, the 21 million, is the key part.

Fiat is a fraud. “

Earlier this month, US Treasury Secretary Janet Yellen said she was undecided whether or not the United States would adopt a CBDC.

And back in March, the Governor of the Bank of Korea speculated that CBDCs could reduce the demand for non-government-sanctioned digital assets like Bitcoin.
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