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Banco de México plans to launch its own digital currency by 2024 | Levelup

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Cryptocurrencies have proven that digital money has an important place in the financial world of the future. Its presence is already so great that different governments are analyzing the possibility of launching their own digital currency. Such is the case of Mexico.

This morning, Banco de México (Banxico) announced that it has plans to launch a digital currency by 2024. The institution points out that it considers it “extremely important” to adopt this new technology to have a payments infrastructure that helps financial inclusion in the country. .

“Banxico informs 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”, the government announced on Twitter.

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An important point is that the digital currency of Mexico will not be a cryptocurrency like Bitcoin, Ethereum or Dogecoin. While the move is clearly inspired by the rise of cryptocurrencies, the reality is your bet is different.

Statements by Alejandro Díaz de León, current governor of Banxico, seem to indicate that Mexico’s digital currency will have the backing of the central bank. With this difference, the digital currency of Mexico will completely move away from proposals such as Bitcoin, which seek to be decentralized. So while it is clearly a movement inspired by the crypto world, its goals are fundamentally different.

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“Virtual assets should not be used to satisfy financial obligations or be managed only as currency, but rather [que deben] to be used as currency for legal use, they must have certain properties for exchange, but I think they fail as a unit of account value and inefficient payments of mechanisms ”, assured the governor of the central bank”, were the declarations of Díaz de Leon in the Michel Camdessus Central Banking Conference 2021.

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What do you think about this new? Do you think Mexico’s digital currency will be a success? Tell us in the comments.

Follow this link to see more news related to Mexico. On the other hand, here you will find all our coverage of the world of cryptocurrencies.

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