The Central Bank of Mexico is set to embrace the concept of digital currencies by coming up with their national digital currency. By 2024, the Mexican government announced the move on social media. For the same, the nation’s private banks will be working closely with the Bank of Mexico as the president of the Mexican Bank Association joined hands with the Central Bank governor.
“The Central Bank considers that these new technologies and the latest payment infrastructure are critical as valuable options to advance financial inclusion in the country”, the post said Wednesday.
Banxico, the nation’s monetary authority which will be helming the project, hasn’t reported on the new project. But, speaking at the meeting, President of the Central Bank Association Daniel Becker said, “If Banxico determines that the banking opinion can help build better elements or a cryptocurrency, count on us and the best banking opinion so that it is something that provokes and has a more efficient and robust financial system that reaches more Mexicans as a consequence.”
As affirmed by several reports, the North American country is amongst those few communities that have had a minimal effect on its banking system. However, in a fast-paced world where prices soar and dip with each passing day, it was about time that countries introduced their digital currency to counter the volatility of cryptocurrencies like Bitcoin. Mexico joins the list of nations, including the US, to launch their digital currencies to stabilise the monetary system.