Mexico Plans to Launch CBDCs by 2024

The Banco de México plans to roll out a national digital currency project in two years. 

Mexico Plans to Launch CBDCs by 2024

The Banco de México has announced the launch of CBDCs on Twitter account of Mexico’s president Andrés Manuel López Obrador. According to him, the development of a digital currency, the accompanying technology and infrastructure, is important for Mexican citizens’ greater access to financial services. 

Sherlock Communications reported that in 2021 it was possible to buy Bitcoin for cash in one of 140,000 24-hour minimarkets located throughout the country. The service was made possible through the country’s largest crypto exchange, Bitso.

Еhe same report shows that the main use of cryptocurrencies among Mexicans was cross-border money transfers. At the same time, the Banco de México sees financial accessibility within the country as its priority. 

The position of Mexico’s leadership on cryptocurrency adoption has until recently been strictly conservative. In October, the president said he planned to “maintain orthodoxy in the management of finances.”

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