The central bank considers it important to use these new technologies and payments infrastructure as options to advance financial inclusion in the country, the administration of President Andrés Manuel López Obrador said in a tweet.
The Bank of Mexico has said it is studying the development of a digital currency in several phases. Central bank authorities have been in talks with financial institutions about the implementation and the infrastructure needed to launch a digital currency that could be used for basic transactions.
The Bank of Mexico, the Mexican finance ministry, and banking and securities regulators said that cryptocurrencies, including Bitcoin and others, aren't legal tender in Mexico and that financial institutions aren't allowed to offer operations with such assets.
Unlike Bitcoin and others, Central Bank Digital Currencies (CBDC) are a virtual or electronic form of fiat currency.
You can find more about CBDC by reading our report, Central Bank Digital Currencies for Beginners – A Quick Guide into CBDCs.
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