Wednesday, February 21

Mexico: the central bank will create its own cryptocurrency

The characteristics of the SPEI (Interbank Electronic Payment System) are operational at all hours and every day of the year, instant payments, high availability and standardization of processes and “robust measures for risk management” and shielding against computer attacks, official sources said.

The launch of the digital currency will be preceded by several stages, but the process is expected to conclude in 2024, according to the government’s plans.

Monica Mibrera, a specialist at the Banking and Commercial School, considers that the issuance of a cybercurrency by Banxico would be “consistent with global technological advances.” “Transactions have accelerated towards digital, especially in the pandemic, while there is a decline in the use of banknotes and coins and new forms of digital money issued by the private non-bank sector are emerging,” said the expert.

In the cryptocurrency market, Mexico is the leader in Latin America, concentrating the largest volume of exchange in cryptocurrencies. It is estimated that 12% of adults have some cryptocurrency, which makes this country the ninth in the world with the most amount of this type of instrument in their hands, according to the data firm Finder.

Among digital currency holders, more than half have Bitcoin, which is the most popular, followed by Ethereum and Binance Coin.

According to Finder, which conducted a survey among 2,423 people in Mexico, the country exceeds the number of cryptocurrency holders U.S Y Canada (both 10%) and in Latin America to Colombia (8%).

According to the results of the survey, in Mexico women are the most likely to get their own cryptocurrencies, contrary to the global trend, according to which men own 1.5 more of these exchange methods than men.

Cryptocurrencies have already been created in the country by entrepreneurs or private citizens such as TRADcoin, launched in 2018, backed by tangible goods and regulated by a government-approved standard to regulate online commerce, called the Fintech Law.

Miguel Aguayo placeholder image, one of the creators of the currency, pointed out that it “facilitates the exchange of goods between people” through seven sectors of the economy, including health, commercial, tourism and art products.

People can “get health, commercial, tourism, art products, which is what has failed in the digital money system,” he said.

Last July, it was also released Xoycoin, a Mexican cryptocurrency with which you can invest from 20 pesos (one dollar), based on the Ethereum connected network, the second most important internationally.

It is a utilitarian digital currency developed with “blockchain” technology that turns it into a secure “token”, and will serve as an option to buy and sell on selected platforms.

Although for now there are few businesses that accept cryptocurrencies as a form of payment, Carlos Lazo, director of Xoy Capital, creator of Xoycoin, affirms that “everything indicates that this practice will become a new conventional financial system”. Xoy Capital is a conglomerate that includes basketball, football and baseball teams, among others.