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Mexico’s central bank will soon be issuing its own digital currency.
A statement in Spanish made by the official account of the presidency of Mexico on Twitter reported of the government’s plans. The announcement informed that the digital peso should be ready towards 2024 and further stressed the importance of this technological development for the financial future of the country.
The announcement stated:
“The Banxico reports 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”
With the announcement, Mexico joins a growing list of nations that are studying, or planning to release, their own central bank digital currency (CBDC). While the European Union is still studying a digital euro, China has already launched its digital renminbi.
Responding to the announcement on Twitter, Ricardo Salinas Pliego, Mexico’s third richest person, showed his reservations about the plans.
On Christmas Eve, by means of his New Year message on the same social media platform, Salinas warned about government regulated fiat currencies. He said:
“Steer clear of fiat money. Whether it’s the Dollar, the Euro, or the Yen. It’s all the same. It’s fake money made of paper lies. Central banks are producing more than ever.”