Mexico to release govt-backed digital currency by 2024, India’s RBI too plans something similar

Mexico is likely to be another, though not last as India’s RBI too mulls similar plans, another country to come out with a government-sponsored cryptocurrency. The country is likely to have its crypto coin by 2024.

It seems that the race to launch CBDC (Central Bank Digital Currency) has started as many countries are planning to develop their own digital currencies. A few months after El Salvador made Bitcoin a legal tender, Mexico’s central bank announced on Twitter that Mexico will have a CBDC by 2024.

The tweet, which was written in Spanish, asserts that this is an important move as the new technologies and state-of-the-art payment infrastructure will offer a “great value to advance financial inclusion in the country.”