Mon. Jan 24th, 2022

The central bank considers the technology very important for financial inclusion, Mexico’s government wrote on Twitter.

Mexico’s central bank will have its digital currency by 2024, the Mexican government announced on social media, although the development has not been confirmed by the monetary authority, locally known as Banxico. “Banxico reports that it will have its own digital currency in circulation by 2024,” the Mexican government wrote on its official Twitter account late Wednesday.

The post said the central bank “considers these new technologies and the latest payment infrastructure to be very important as valuable options to promote financial inclusion in the country.”

But a senior central bank source, who requested anonymity, told Reuters news agency on Thursday that the government announcement “is not official.”

Mexico’s central bank is legally independent of the government.

Neither Banxico nor the Mexican government immediately responded to Reuters’ requests for comment.

In a report published on December 17, Banxico said: “It is working on the study and development of a platform aimed at implementing a digital currency,” but it did not provide any timing details.

“The project aims to open up digital currency registration accounts for both banks and non-bankers, thus contributing to financial inclusion,” the report added.

Several central banks worldwide are examining the introduction of digital currencies, worrying that cryptocurrencies such as bitcoin could weaken the government’s control over monetary policy.

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