On Wednesday, the 89th Banking Convention began in Cancún, Mexico, as representatives from the Mexican government and banking sector met to discuss the future of digital payments and the phasing out of cash in a country where more than three-fourths of the population depends on it.

The annual meeting brought together leaders from Mexico's financial sector, including heads of banking, government economic authorities, and CEOs of major corporations. The convention is organized by the Association of Banks of Mexico (ABM) under the theme "Innovating Banking, Building the Future."

On Thursday night, Mexican President Dr. Claudia Sheinbaum spoke on increasing productivity of small- and medium-sized businesses in Mexico. Former Canadian Prime Minister Justin Trudeau is scheduled to give the closing presentation on Friday evening titled "Global Leadership and Transformation."

Other speakers include representatives of Banorte, BBVA, Scotiabank, Santander, and HSBC. Also in attendance are Ryan McInerney, CEO of Visa, and Tim Murphy, Vice Chair of Mastercard.

International Banksters Seek to Control Mexico

One sign that the meeting is of vast importance to the international banking sector—and the overall push towards Central Bank Digital Currencies (CBDCs) and stablecoins—is the presence of representatives of Mexico's Central Bank, the Bank for International Settlements (BIS), and BlackRock.

For example, on Wednesday, Fabrizio López Gallo, Director General of Financial Stability for Mexico's Central Bank, participated in a panel titled "Sustainable Financing: Risks and Opportunities," while Sergio Mendez, the Director of BlackRock Mexico, spoke on a panel called "Infrastructure Investment as a Catalyst for Growth."

Multiple panels underscore the push to digitize money in Mexico, including "The Future of Money: What's Next for Mexico and the World," featuring BIS's Alexandre Tombini, and "The Role of Artificial Intelligence in the Future of Digital Payments" with McInerney and HSBC Mexico's Jorge Arce Gama.

Several statements by Emilio Romano, the head of the ABM, make it clear that the Mexican Central Bank and the international bankers are working diligently to shift Mexico away from cash and towards a track-and-trace society where dissidents have their financial resources turned off.

In an interview with Bloomberg, Romano stated, "The central bank is preparing to publish protocols to drive the adoption of payments sent by mobile phones."

He noted, "Authorities are studying separate measures that could include eliminating cash payments for some services and products, such as gas stations and toll roads." [emphasis added]

Romano also emphasized that these changes are being made because in Mexico, "roughly 85% of small transactions are done in cash," largely due to Mexicans not trusting their government and seeking to avoid taxation. "Easing concerns about how the government assesses income will help," he said.