Mexico’s Central Bank to Launch Its Own Digital Currency by 2024

The Government of Mexico tweeted on December 30, 2021 that the central bank - Banxico would have its own digital currency in circulation by 2024, 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.

Whereas, a senior central bank source unveiled that the government announcement was “not official”, as the monetary authority is legally independent of the government.

Based on a report on December 17, Banxico noted that it was on the study and development of a platform aimed at the implementation of a digital currency, but no details on timing were disclosed.

“The project has among its objectives the opening of accounts for the registration of a digital currency for both banked and unbanked people, thereby contributing to financial inclusion,” the report said.

Fazzaco found that central banks of various countries across the globe have been commencing rolling out their own digital currency successively in 2021, including Norges Bank​ - the central bank of Norway, the Bank of France and the Swiss National Bank, Singapore's central bank - the Monetary Authority of Singapore, the Central Bank of Nigeria, the National Bank of Ukraine, Bank of Korea, etc.