Mexican private banks want to partner with the country’s central bank to create a new digital currency. The president of the Mexican Association of Banks (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 a potential CBDC
Members of the Mexican Association of Banks have declared their intention to help the country’s central bank in the design and issuance of a possible central bank digital currency (CBDC). The president of the association, Daniel Becker, meet with the Governor of the Bank of Mexico, Victoria Rodríguez Ceja, to review some important factors related to the accessibility of banks to Mexican citizens.
About the meeting, Becker said:
If Banxico determines that Banking Opinion can help build better elements or a cryptocurrency, count on us and Best Banking Opinion to make it something that causes and has a more efficient and robust financial system that achieves more Mexicans as a result.
Becker also welcomed the introduction of a digital currency to reduce the cost of transactions and achieve better interoperability using blockchain.
Mexico and Crypto
Mexico is one of the countries with the least banking penetration in its community, according to several reports. Many believe that cryptocurrencies and their introduction into the country could 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 record of the Mexican Presidency announced the creation of a digital version of the peso in January. At that time, the institution said that the bank intended to issue this currency and mentioned 2024 as the target date for this development to be ready. That 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 exploring the launch of its own digital euro, with the European Commission planning to launch consultations on the currency in March.
What do you think of the possible involvement of private banks in the issuance of a digital peso in Mexico? Tell us in the comments section below.
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