The Bank of Mexico (Banxico, central bank) plans to create its own cryptocurrency, in order to promote greater financial inclusion and in view of the growing importance of electronic payments. It is working on the study and development of a platform aimed at implementing a digital currency based on the characteristics of the clearing and settlement infrastructure of SPEI (Interbank Electronic Payments System), the system for transferring money between banks managed by Banxico.
The characteristics of the SPEI are that it operates around the clock 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, according to official sources.
The launch of the digital currency will be preceded by several stages, but the process is expected to be completed by 2024, according to government plans.
In the cryptocurrency market, Mexico is the leader in Latin America, with the largest volume of cryptocurrency exchanges and it is estimated that 12% of adults have some form of cryptocurrency. Among holders of digital currencies, more than half have Bitcoin, which is the most popular, followed by Ethereum and Binance Coin.
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 rule passed by the government to regulate online commerce, called the Fintech Law.
Last July, Xoycoin was also launched, a Mexican cryptocurrency with which people can invest as little as 20 pesos (one dollar), based on the Ethereum connected network, the second most important at the international level. It is a utilitarian digital currency developed with blockchain technology that makes it a secure token, and will serve as an option for buying and selling on selected platforms.