Mexc Propia Criptomoneda

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The evolution of the financial system has prompted central banks worldwide to consider developing their own digital currencies, known as Central Bank Digital Currencies (CBDCs). Mexico, a leading economy in Latin America, is no exception to this trend. While the Bank of Mexico (Banxico) has not yet announced plans to create a CBDC, experts argue that Mexico must keep pace with other countries to avoid falling behind in this emerging technology.

Enhancing Financial Inclusion through CBDCs

Mexico’s economy heavily relies on international trade, particularly with the United States, which contributes a staggering $614.5 billion annually to the nation. However, the country struggles with low banking penetration, reaching only 36.9% of the population. On the bright side, 82.5% of the population with internet access possess at least one financial service, highlighting the importance of mobile devices in fostering financial inclusion.

By exploring the potential of a CBDC, Mexico could leverage blockchain technology, the backbone of Bitcoin, to significantly reduce international transaction costs and waiting times. This would divert substantial funds from costly traditional financial transactions, enabling more people, especially the unbanked population, to access the international financial system and obtain loans for small businesses, education, and healthcare. Ultimately, this would catalyze national development.

The Rise of CBDCs and FOMO in the Banking Sector

The growing adoption and use cases of cryptocurrencies over the past 12 years have sparked discussions and actions regarding the issuance of CBDCs by central banks. Experts predict that Banxico will likely follow suit and introduce a digital peso in the medium or long term. With other central banks around the world already jumping on the cryptocurrency bandwagon, Banxico is poised to join the wave of popularity surrounding digital currencies.

European countries such as China and Venezuela have already made significant strides in developing their CBDCs, while other nations are following suit. This global trend stems from the relevance cryptocurrencies, particularly Bitcoin, have gained among major capital and everyday individuals. As economies become increasingly digitized, central banks are keen to capitalize on the advantages offered by CBDCs.

Why Mexico Needs a CBDC

According to Citibanamex, Banxico must engage in internal reflections on the benefits of developing a national cryptocurrency. All stakeholders, including traditional financial institutions, the crypto market, the unbanked population, cryptocurrency users, and even the government, should participate in this decision-making process. However, time is of the essence, as implementing a CBDC would require substantial legal and financial changes.

Additionally, given Mexico’s reality of limited banking options but widespread mobile phone usage, a digital currency would provide an attractive alternative for the population without easy access to traditional banking services. Furthermore, a CBDC could facilitate transactions not only among individuals but also between Mexican and international companies, making monetary policy more efficient.

Boosting the International Influence of the Mexican Peso

One of Citibanamex’s key points is the potential for a CBDC to increase the influence of the Mexican peso in the international arena, particularly in Latin America. The region is known for the volatility of its fiat currencies, with the Venezuelan bolivar and the Argentine peso being prime examples. Stable currencies, including the Mexican peso, have limited usability compared to the US dollar.

However, a Mexican CBDC could overcome these limitations and foster trade with neighboring countries, a prospect that has been challenging for Mexico thus far. Nevertheless, policymakers must carefully evaluate whether non-residents should have access to the benefits of a Mexican cryptocurrency, as increased foreign access to the peso could strengthen the currency and generate additional funds flowing into Latin America.

In conclusion, the question arises: What is Mexico waiting for? The global trend clearly favors the development of CBDCs, and Mexico stands to gain immensely. Besides reducing transaction costs within trade agreements like NAFTA, a Mexican CBDC would positively impact remittances, banking penetration, rural development, and more. While learning from other countries’ CBDC implementations is prudent, delaying such an initiative could prove to be more costly in the long run.

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