• Mon. Mar 4th, 2024

Bank Of Mexico To Roll Out Its Digital Currency In 2024

Dec 30, 2021

2021 saw several countries discuss its CBDC program. While several are already in the advanced stages of issuing its digitized currency, others are still weighing the benefits of adopting it, circulation, and use cases. One country that has provided an update regarding its digitized currency circulation is Mexico. 

The Latin America nation on Thursday via the government’s official account, disclosed that the Bank of Mexico will issue a CBDC in 2024. In the statement, alongside announcing its intentions to have its digitized fiat, the top regulator said that the emerging technologies and the future payment infrastructure are crucial to the country’s goal to achieve financial inclusion. 

Mexicans Respond Positively to Cryptocurrency Use

So far so good, the crypto landscape in Mexico is looking solid. Mexicans have a positive attitude towards cryptos and their uses, and this is evident in the number of crypto ATMs in the country. 

According to the 2021 Blockchain LatAm Report, Bitso.com, one of Mexico’s prominent exchanges, has established over 140,000 convenience stores across the country to facilitate cash withdrawals and deposits for BTC wallets. This has helped to an extent to drive Bitcoin adoption in the Latin nation.

While Mexican users have developed interests in cryptocurrency, a significant portion of them are doubtful about the country’s quest to have a CBDC. Users are concerned about its whitepaper, platform to be used, security, and its use cases. These, alongside other factors that may spring up in the future could decelerate Bitcoin adoption. 

The report also disclosed that remittances were a significant use case of virtual currencies amongst Mexicans. However, the Bank of Mexico is more focused on attaining financial inclusion amongst Mexicans, which is one of the main benefits of digitized currency. 

Government Still Adamant About Adopting Cryptocurrency

The widespread use of cryptos amongst Mexicans has not been received with open arms by the government. Two months ago, President Manuel Lopez said that the government will not change its perspective about digital assets, reiterating the need to remain orthodox in the way the country’s finances are managed. 

The government is scared that the country could be overwhelmed with excess responsibilities and problems that could take time to solve if they try to introduce blockchain technology into the country’s financial infrastructure. However, the recent statement from the Bank of Mexico suggests that the country could take a new turn towards developing innovative payment technology. 

Countries have been releasing reports on their digitized currency projects. In mid-December, Kazakhstan, the country famous in the crypto world for accommodating miners, released a report on its proposed CBDC program. The report indicated that it’s possible for the country to roll out a retail CBDC and experiment with the use cases in a bid to achieve financial inclusion. 

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