The Bank of Mexico, is working on plans to launch its own digital currency by 2024 in an attempt to keep up with the latest payment technology.
The Mexican economy currently relies on cash transactions and President of Mexico’s central bank, Andres Manuel Lopez Obrdor said in a tweet that Mexico using these systems is important “to use these new technologies and latest-generation payments infrastructure, as valuable options to advance financial inclusion in the country.”
A report that came out recently, said that the Bank of Mexico was examining the development of digital currency in phases.
The current electronic payments system in Mexico, will be used as the foundation for the new currency and will broaden payment options.
Central bank advisors have been in many discussions of how to implement this change.
El Salvador, has become the first country to adopt bitcoin as its legal tender – dropping central banks from the equation.
President Nayib Bukele, a huge supporter of cryptocurrency, says that the existence of crypto will lead to the “downfall” of fiat currencies, tweeting:
“What has been called by international organizations as ‘The #Bitcoin Experiment,’ is nothing more than the world watching how mass adoption changes a country’s economy. If it’s for the good, it’s game over for FIAT. El Salvador is the spark that ignites the real revolution,” Bukele said on Dec. 23, 2021.
El Salvador is currently working on other projects, as they push to increase economic growth.
Around 22% of Mexico’s gross domestic product relies on cash transactions, meaning there is a large portion where taxes are not being collected.
Of course, this is just pushing all of us closer to the cashless society that the Globalist Oligarchs want; a cashless society would mean everyone has to be “plugged in” to the system that THEY set up.
The United Kingdom has also been considering a move to digital currency.
Unbelievably, the Bank of England says that a digital Sterling currency would not replace cash.
Mexico’s central bank rejects currency like bitcoin because of its supposed volatility and limited acceptance.
They are, however, keen on a central-bank digital currency.
Alejandro Diaz de Leon, Governor of the Bank of Mexico, said at an International Monetary Fund (IMF) event in July 2021, that there was a need to move quickly to create “new forms of money and fully operable digital currencies amidst the increasing use of crypto assets and the risk they bring.”
Mexican billionaire Ricardo Salinas Pliego said in June that he planned on making his Banco Azteca the first in Mexico to accept bitcoin.
Of course this was quickly shut down by the Bank of Mexico’s Secretariat of Finance and Public Credit, along with banking and securities regulators, saying that cryptocurrency like bitcoin in Mexico is not legal tender and that it is not approved by the financial institutions, therefore it would be impossible to facilitate the transactions of such assets.
“Although they can be exchanged, they do not fulfill the function of money, as their acceptance as a form of payment is limited and they aren’t a good reserve or value reference,” the group said in a statement.