Mexico: plans for Peso integration in block chain technology underway

Tuesday 29 July 2014 14:36 CET | News

Luis Daniel Beltrán, Peso Digital head and chief executive of Microbit, states that he is working on a project whose focus is to create a digital Peso by merging the actual Mexican Peso with the block chain technology, reports.

Peso Digital is designed to be the digital version of the country’s fiat currency, by using block chain technology.

There would be not one but three block chains which would back the digital peso, each fulfilling a different purpose. It would be controlled by the Mexican central bank, making block chain technology legal technology, to strengthen the country’s democracy and transparency.

The first block chain would be created in the image of Bitcoin’s, allowing anonymous, transparent and irreversible transactions of the Peso between people without any intermediaries.

The second would be integrated with the BdM’s Interbanking Electronic Payment System (SPEI), a large value funds transfer system with an open protocol which enables funds transfers among customers based on a monthly fee. Each digital wallet, according to Beltrán, could be linked to users’ bank accounts or SPEI addresses which enables cash distribution and transaction availability.

The third could automate the tax process by integrating with the second as well as the private key and the FIEL (Firma Electrónica Avanzada), an encrypted digital electronic signature.

Beltrán has also stated that he met with members of the Bank of México (BdM) in March 2014 to talk about the technology’s potential and how they can implement it into existing government operations.

On the other hand, José Rodriguez, partner in Mexican and Argentinan Exchange Unisend and chief executive of ALTIS: Altcoins Investment Services, also attended the meeting and is largely involved in the project. A second meeting was held on 4 July 2014 and a third is set for early September, the same year.

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Keywords: Mexico, Peso, digital Peso, digital currency, Bitcoin, block chain, crypto-currency, online payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce