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Mexico’s largest bank launches digital currency by 2024 | Technology News

The central bank sees the most important expertise in economic integration, the Mexican government wrote on Twitter.

Mexico Central Bank will have its digital currency by 2024, the Mexican government announced on television, although the development has not been confirmed by financial regulators, known as Banxico. “Banxico says it will have its digital currency by 2024,” the Mexican government wrote late Wednesday on its Twitter account.

The commission said the central bank “considers these new technologies as well as the latest payment methods to be the most important means of promoting economic inclusion in the country.”

But a major central bank source, who asked not to be named, told Reuters on Thursday that the government’s statement was “unacceptable.”

Mexico’s largest bank is independent of the state.

Neither Banxico nor the Mexican government responded immediately to Reuters for comment.

In a report published on December 17, Banxico stated, “It is working on the research and development of a platform that seeks the establishment of digital currency,” but did not provide timely details.

“The project has some of its objectives in opening up digital cash register accounts for both bankers and non-bankers, thus contributing to the sustainability of the fund,” the report added.

Several central banks around the world are monitoring the establishment of digital currencies, worrying that cryptocurrencies like bitcoin could weaken the government’s monetary policy.

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