Bank of Mexico Announces Its Own Central Bank Digital Currency by 2024

 

Bank of Mexico Announces Its Own Central Bank Digital Currency by 2024

The Bank of Mexico plans to put its own digital currency in circulation by 2024 to use the latest payments technology to foment financial inclusion in an economy that relies on cash for most transactions, according to the Mexican government.

The central bank considers it important “to use these new technologies and latest-generation payments infrastructure as valuable options to advance financial inclusion in the country,” the administration of President Andrés Manuel López Obrador said in a tweet late Wednesday. […]

What About Physical Cash?

The BoE said a digital version of sterling would not replace either physical cash or existing bank accounts.

Yeah, right.

Q: Once central banks can track every penny, guess what?
A: They will track every penny

Once in place, if governments ever decide people are “hoarding” money they will consider putting time limits on it to force people to spend it.

That’s what’s coming. And the pace seems to be picking up. No one wants China to be the first. 

The risks are obvious. 

Expiring Money 

Increasingly Negative Interest Rates 

Withdrawals Capped 

Withdrawals Taxed 

Gifts Taxed 

And once inside you can never leave.