Mexico to develop digital peso

in Cryptocurrencylast year


Many countries are now trying to develop digital and crypto national currencies. While these initiatives are welcome I am personally of the opinion that this may be somewhat of an irrelevant effort, at least in the long term, because by their very nature digital currencies are internet-bound. Or at the very least it is very hard to picture one that would be successful in its adoption and not internet-bound. That alone decouples that currency from any individual nation and makes it an international medium of exchange. Which, especially for poor nations, is likely very helpful to the majority of their populations as it allows citizens to bypass local regulatory barriers in their interactions within the global economy - and those barriers tend to be rather onerous, specifically in poorer nations. Perhaps these digital currencies are a sort of last hurrah on the part of the elites - an attempt to prolong the influence they have traditionally had by way of local monetary control and regulation.

As it stands, Mexico is slated to introduce a digital peso by 2024. It would be interesting to see what that would look like. Personally, I wonder if something like HIVE or XRP wouldn't make a suitable candidate - if the objective were to further economic well-being of ordinary Mexican citizens many of whom have rather limited assets. It would seem a fast low- or no fee blockchain would be almost ideal for the purpose. But of course that would be outside of the purview of the Mexican authorities and elites.


Mexican president announces digital Peso release
Diana, Blockchain Today, 7 January 2022

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But of course that would be outside of the purview of the Mexican authorities and elites.

This hits the nail on the head in almost every nation.

Thanks for sharing this, I find it very exciting to see that nations are finally catching on to the value of blockchain tech!

I think Mexico is looking at cryptocurrencies, in particular, bitcoin, and the Facebook Libra project (now Diem) which is now very relevant is forced to introduce the digital peso. Otherwise, private currencies will replace government ones.

Long term, I don't think government-issued currencies have much of a future. BTC at present is slow at processing transactions to the point that I don't think it can be used as an every day currency. What is specifically attractive about Libra/Diem (I just know pretty much nothing about that one)?

I wonder whether a crypto national currency would be centralized or decentralized.

If it is decentralized I can't see how it can stay under the control of a national government.

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