Private Banks Propose to Help Design Digital Currency in Mexico

Private Banks Propose to Help Design Digital Currency in Mexico

Private banks in Mexico want to join efforts with the central bank of the country in the creation of a new digital currency. The president of the Mexican Bank Association (ABM) met with the governor of the Bank of Mexico to offer the help of the group of private banks for the creation of a national digital currency in the future. Private Banks Want to Be Involved in Potential CBDC

Members of the Mexican Bank Association have stated their intention of helping the central bank of the country in the design and issuance of a potential central bank digital currency (CBDC). The president of the association, Daniel Becker, met with the governor of the Bank of Mexico, Victoria Rodríguez Ceja, to review some important factors related to making banks more accessible for Mexican citizens.

About the meeting, Becker stated:

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.

Becker also welcomed the introduction of a digital currency to lower the cost of transactions and achieve better interoperability using blockchain. Mexico and Crypto

Mexico is one of the countries with less banking penetration in its community, according to several reports. Many believe that cryptocurrencies and their introduction in the country might improve financial inclusion, but the Bank of Mexico has not made a direct statement on the potential issuance of such a national digital currency.

However, the official account of the presidency of Mexico did announce the creation of a digital version of the peso back in January. At that time, the institution stated the bank had plans to issue this currency and mentioned 2024 as the target date for this development to be ready. This is why private banks are approaching the Central Bank of Mexico to be included in the planning phase of this hypothetical upcoming digital currency.

This would put Mexico in a group of countries that are currently planning or already developing their own digital currencies, including China and the Bahamas. the European Union is also studying to launch its own digital euro, with the European Commission planning to launch consultations for the currency in March. Tags in this story Bank of Mexico, CBDC, daniel becker, mexican bank association, Mexico, private banks

What do you think about the possible involvement of private banks in the issuance of a digital peso in Mexico? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Elon Musk Hears Kyiv’s Call, Activates Starlink Service in Ukraine NEWS | 2 hours ago Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says NEWS | 9 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Freelance Workers in Argentina Among Most Active in LATAM Receiving Part of Paycheck in Crypto Next articleRussia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects

Krafton, the parent company of Bluehole, developers of PUBG, a popular battle royale game that has earned more than $300 million in 2021, announced it will redirect some of its activities toward developing NFT and metaverse-related projects. The company says ... read more.Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High