Central Bank Digital Currency To Launch in This Populous Latin American Country

The government of Mexico says that it’s planning on releasing a central bank digital currency (CBDC) by 2024.

A new post from the Central American nation’s official Twitter account cites the importance of emerging financial technologies in facilitating access to banking for its population.

The Gobierno de Mexico says,

“The Banxico [Central Bank of Mexico] reports that by 2024 it will have its own digital currency in circulation, considering that these new technologies and the next-generation payment infrastructure are extremely important as options of great value to advance financial inclusion in the country.”

The announcement is a significant development toward formal cryptocurrency adoption for Mexico. Back in June, the Central Bank of Mexico issued a press release affirming the institution’s stance against cryptocurrencies.

“Virtual assets do not constitute legal tender in Mexico nor are they currencies under the current legal framework.

The country’s financial institutions are not authorized to carry out and offer to the public trading with virtual assets… in order to maintain a healthy distance between them and the financial system.”

Regarding stablecoins, the document says,

“Recently there have been announcements about the issuance of the so-called ‘stablecoins.’

It should be remembered that Mexican legislation establishes that in no case shall be understood as a virtual asset any other asset denominated in currency of legal tender or in foreign currency.

Mexican billionaire and cryptocurrency advocate Ricardo Salinas Pliego, when prompted by another Twitter user for his opinion on the forthcoming CBDC, replied with one word,


Pliego has previously touted Bitcoin specifically due to the BTC‘s portability and capped supply.

“It’s an asset that has international value that is traded with enormous liquidity at a global level.

The finite supply of Bitcoin, the 21 million, is the key part.

Fiat is a fraud.”

Earlier this month, U.S. Secretary of the Treasury Janet Yellen said she’s still undecided whether or not the United States will implement a CBDC.

And back in March, the Bank of Korea’s governor speculated that CBDCs could reduce the demand for digital assets not sanctioned by governments, such as Bitcoin.

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Mexico Turns Down Bitcoin development after Millionaire’s Crypto Pitch

Mexico financial regulatory authorities issued a joint statement Monday, prohibiting financial institutions from using cryptocurrencies like Bitcoin (BTC) in the financial system in the country.

The statement just came a day after Mexico Billionaire Ricardo Salinas Pliego’s comments over the weekend, who claimed to develop his bank Banco Azteca as the first financial institutions to accept Bitcoin.

Regulatory watchdogs, including the Central Bank of Mexico (Banco de México), the finance ministry and banking regulators warned the risk of the crypto-assets, saying that the authorities would not consider these “virtual assets” as a “means of exchange, as a store of value or the form of investment” under the current Mexican legal framework, the statement said, according to Reuters.

“The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, XRP and others to maintain a healthy distance between them and financial system.”

Nevertheless, Banco Azteca was not directly quoted in the authorities’ statement.

According to CNBC, the Central Bank of Mexico is dealing with domestic inflation aggressively, raising interest rates to 4.25% last week. However, the public is concerned about devaluation as the local inflation rate climbs above 6%. Salinas even has called the “fiat as a fraud” in an interview previously. 

The price of Bitcoin was trading at $34,812, slightly up 0.46% during the intraday, according to CoinMarketCap.

Image source: Shutterstock


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Mexican Billionaire Calls Fiat Fraud, Says His Bank Working To Accept Bitcoin

Mexican billionaire Ricardo Salinas Pliego said he is working with his bank, Banco Azteca, to be the first in Mexico to accept bitcoin.

Ricardo Salinas Pliego, Mexico’s third-wealthiest man and the owner of Banco Azteca as well as a major business empire, reaffirmed his Bitcoin endorsement and shared that he is working with his bank to become the first in Mexico to accept BTC.

“Sure, I recommend the use of Bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin, if you need more details or information follow me on my Twitter account,” Pliego tweeted in response to MicroStrategy CEO Michael Saylor.

Saylor quoted a video in which Pliego explained what he likes about Bitcoin and why he does not appreciate the current monetary system based on fiat currencies, which he called “a fraud.”

“I have invested a lot of time studying [bitcoin] and I believe it’s an asset that should be part of every investor’s portfolio,” Pliego said in the video. “The finite supply of bitcoin, the 21 million, is the key part of the whole thing … fiat is a fraud.”

Pliego also mentioned inflation in his home country, citing the heavy debasement that the Mexican peso has experienced against the dollar since the billionaire started his career in 1981. At the time, one dollar could buy 20 Mexican pesos, but according to Pliego, now that figure has climbed to 20,000 pesos.

“The fraud in fiat is inherent to the fiat system, and we can see it take place in the U.S. right now,” the Mexican billionaire continued. “The monetary emission went to the moon … the dollar as hard money is a joke.”

Finally, Pliego said in the video that if he had to choose only one asset, good or currency to hold through the next 30 years, he would select bitcoin and “no stinky fiat for any reason … no paper bills.”

The billionaire, who said last year that he holds 10% of his liquid portfolio in BTC, has a fortune with stakes in the retail, banking and broadcast businesses. According to the Bloomberg Billionaire Index, Pliego currently is the world’s 137th-richest person, with an estimated $15.4 billion net worth.


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Billionaire vows to spearhead Mexico’s first Bitcoin-friendly bank

The third richest man in Mexico, Ricardo Salinas Pliego, has doubled down on his support for Bitcoin, revealing plans to open the first BTC accepting bank in the country.

On June 27, the Mexican billionaire tweeted his support for the widespread adoption of BTC, noting that his bank is “working” to become the first in Mexico to accept the world’s leading digital asset.

The comments follow a massive endorsement for Bitcoin by Salinas, who stated that it was “absolutely right” to think of Bitcoin as the new gold.

Salinas is the founder and chairman of Grupo Salinas, a Mexican corporate conglomerate spanning television and radio network TV Azteca, consumer electronics retailer Grupo Elektra, football club Mazatlan F.C., and major local bank, Banco Azteca.

Banco Azteca, which had annual revenue of $2.54 billion in 2020, operates in Mexico, Panama, Guatemala, Honduras, and Peru. The company, which began operating the bank in 2002, offers consumer credit for goods, personal and small business loans, credit cards, mortgages, and payroll systems.

According to the Bloomberg Billionaires Index, Salinas’ fortune has risen by $2.8 billion this year to tag $15.8 billion.

The news outlet added that Salinas said he invested 10% of his liquid portfolio into Bitcoin last year. He has professed his veneration for the asset on multiple occasions, including in an interview with Cointelegraph at the beginning of 2021.

Related: Mexico’s second richest man says Bitcoin is his ‘best investment ever

In September 2020, San Francisco-based crypto exchange Kraken became the first cryptocurrency business to receive a charter to operate as a bank in the United States after receiving licensing from the crypto-friendly state of Wyoming. In October of the same year, the Wyoming State Banking Board voted to grant financial institution Avanti a bank charter for crypto-related services.

Late last year, the Office of the Comptroller of the Currency introduced a charter allowing fintech firms to offer lending products without requiring oversight from state banking regulators. Crypto custodian, Anchorage, became the first crypto firm to receive licensing under the charter in January 2021.