By Palak Malhotra
Published 3 mins ago Updated 3 seconds ago

The latest update in Mexico’s Digital Currency project saw a tweet from government’s official account confirming that the Mexican Central Bank will begin the circulation of CBDCs by 2024. Twitter handle representing the Presidency of the Mexican government also noted in its exclusive announcement that this fast-paced CBDC roll out with “new technologies and the next-generation payment infrastructure” will facilitate economic advancement in the nation.

Third-richest man in Mexico claims Bitcoin Dominance

In the pro-crypto Mexico, CBDCs may not be the best choice, given the history of crypto regulations that come complementary with government backed digital currencies in other countries. CBDC launches across the world have been followed by some or the other kind of regulatory measures against cryptocurrencies, levying the Mexican pro-crypto community under potential threat.

These CBDCs are mostly backed by the native currency of their respective country, towards which the Mexican crypto community does not appear keen. In fact, one of Mexico’s richest man is a Bitcoin extremist himself. Ricardo Salinas, founder and chairman of Grupo Salinas recently took to Twitter, sharing a video of himself where he is warning people against fiat and encouraging Bitcoin investments.

“Stay away from fiat money. The dollar, the euro, the yen, or the peso,  they are all the same story, it’s fake money made of paper and lies. The central banks are printing more money than ever before. Invest in bitcoin,” Salinas said.

Ricardo Salinas Pliego has maintained his name in crypto-related headlines given his consistent pro-crypto efforts. Earlier this m0nth, the Mexican retail giant, Elektra which is owned by Salinas became the first retail store in Mexico to accept Bitcoin payments. Furthermore, to escalate these Bitcoin payments, Elektra also offered the additional 20 percent discount to its customers who use crypto to make a purchase.

Ricardo’s efforts toward Bitcoin adoption in Mexico have always been noteworthy. Earlier this year, he also revealed that his bank, Banco Azteca became the first to accept Bitcoin in Mexico. Ricardo, who himself holds a considerable amount of Bitcoin, claimed that BTC posses global value and must be part of everyone’s financial portfolio.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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