Mexico could be one of the first Latin American countries to issue digital currency through its central bank. This is very likely to happen. Gabriel Yorio, who is the Undersecretary of Finance, gave a report on how BitCode Prime is used in the country and how cash use is going down. While he was doing this, he showed him more proof of what he had already seen.
During the presentation of the Survey of National Monetary Education, Yorio said, there will be a time when digital platforms are used a lot and people use less money. When that time comes will be one of the first countries to have a digital currency.
The issuing institution has already encouraged the use of digital currencies, the insider says, by letting users use the CoDi platform. “He said, “If you have a digital currency that works like real money and is more likely to be used for digital trade, it could help Mexico set up a digital bail bond system.
There are some benefits to having a digital currency that works like real money and is used more often in online transactions. If digital money worked the same way as real money, more people would use it to buy goods and services online.
The Mexican government knows that cash transactions are still important to the economy of the country. This is because there are a lot of people who don’t have bank accounts. About 60% of the population does not have a bank account, according to INEGI. Most of these people are poor and live in rural areas that are hard to reach.
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The first digital pesos will be used to buy things in 2024.
The goal of Banxico is to start its own digital currency by at least 2024. With this, more Mexicans may be able to take part in the financial system of their country. The plan is to start this project in 2024. In this case, Mexico would be one of the first countries to give out CBDCs. Could make Mexico a business powerhouse around the world.
The Sand Greenback was first made by the Bahamas, which may have been the first country in Latin America or even the world to do so. It was used in Sweden almost right away, and the new currency was called the krona. About 100 CBDC projects are being tested and looked at right now in different parts of the world.
Chile’s government is also making progress in its plans to create its own digital currency. People think that the South American country will decide by the start of the year 2023.
Mexico thinks that using blockchain technology to improve the country’s financial infrastructure and give more people access to financial services is important. Using blockchain technology, it may be possible to reach this goal.
In a tweet on December 29, the bank said that by 2024, it wanted to have its own digital currency. The announcement says that by the year 2024, Banxico will have its own digital currency. A statement from Banxico says that this new technology and the next-generation payment infrastructure are seen as the most important and helpful ways to improve financial inclusion in Mexico.
When looked at from the other side
The recent announcements and plans for the launch of centralized digital currencies come at a crucial time for private cryptocurrencies, whose market value has dropped by about $200 billion for a number of reasons, including worries that the world’s central banks will raise interest rates. Because of these things, the total value of private cryptocurrencies on the market has dropped by about $200 billion. If you are new to Cryptocurrency trading or crypto investments then you must check official bitcoin trading platform Bitcoin smart.