Mexico’s central bank will have its digital currency by 2024, the Mexican government announced on social media, although the development was not confirmed by the monetary authority, known locally as Banxico. “Banxico reports that it will have its own digital currency in circulation by 2024,” the Mexican government wrote late on Wednesday on its official Twitter account.
The post said the central bank “considers that these new technologies and the latest payment infrastructure are very important as valuable options to advance financial inclusion in the country.”
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But a senior central bank source, who requested anonymity, told the Reuters news agency on Thursday that the government announcement was “not official.”
El @Banxico informa que hacia 2024 tendrá una moneda digital propia en circulación, por considerar de suma importancia estas nuevas tecnologías y la infraestructura de pagos de última generación como opciones de gran valor para avanzar en la inclusión financiera en el país.
— Gobierno de México (@GobiernoMX) December 30, 2021
Mexico’s central bank is legally independent of the government.
Neither Banxico nor the Mexican government immediately replied to Reuters requests for comment.
In a report published on December 17, Banxico said, “It is working on the study and development of a platform aimed at the implementation of a digital currency,” but it gave no details on timing.
“The project has among its objectives the opening of accounts for the registration of a digital currency for both banked and unbanked people, thereby contributing to financial inclusion,” the report added.
Several central banks worldwide are exploring the launch of digital currencies, concerned that cryptocurrencies like bitcoin could weaken government control of monetary policy.