Cryptocurrencies and Financial Inclusion in Mexico
Palabras clave:
cryptocurrencies, Mexico, financial inclusion
Resumen
This study investigates on the relationship between cryptocurrencies and financial inclusion in Mexico. Using a basic, descriptive and qualitative research design, first a brief literature review is conducted in order to analyze the impact of cryptocurrencies on financial inclusion according to the state-of-the-art opinion of other researchers on the topic. Secondly, aiming to improve the understanding of the potential that cryptocurrencies may have for financial inclusion in Mexico, a digital questionnaire is applied to a sample of 415 individuals. Main results of the literature review show that fintech and blockchain technology including cryptocurrencies have the potential to improve the situation of financial inclusion, especially in developing countries. The conducted survey on consumer perceptions of cryptocurrencies reveals that there exists an important growth potential for the use of cryptocurrencies in Mexico. However, security issues, distrust, a lack of technological and financial education and deficient regulation are major obstacles on the way.
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Adil, M. and Fadi, O. A. (2022). Blockchain, cryptocurrency and the state of financial inclusion in Morocco. European Journal of Economic and Financial Research, 6(2), 62-74.
Agarwal, S., Qian, W. and Tan, R. (2020). Financial Inclusion and Financial Technology. In: Agarwal, S., Qian, W. y Tan, R. (eds.), Household Finance, Palgrave Macmillan, Singapore, 307-346.
https://doi.org/10.1007/978-981-15-5526-8_9
Allen, F., Gu, X. and Jagtiani, J. (2022). Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China. Journal of International Money and Finance, 124, 102625.
https://doi.org/10.1016/j.jimonfin.2022.102625
Antonopoulus, A. M. (2017). Mastering Bitcoin – Programming the Open Blockchain. O´Reilly Media, Sebastopol, CA.
Briano-Turrent, G. (2025). The effect of financial inclusion on economic and social indicators in Mexico. Latin American Journal of Central Banking, 6(1), 100161.
https://doi.org/10.1016/j.latcb.2024.100161
Chibba, M. (2009). Financial Inclusion, Poverty Reduction and the Millennium Development Goals. European Journal of Development Research, 21, 213–230.
https://doi.org/10.1057/ejdr.2008.17
CNBV (2020). Inclusión Financiera. https://www.gob.mx/cnbv/acciones-y-programas/inclusion-financiera-25319
CNBV (2025). Encuesta Nacional de Inclusión Financiera (ENIF) 2024: Reporte de Resultados.
https://www.cnbv.gob.mx/Inclusi%C3%B3n/Anexos%20Inclusin%20Financiera/Reporte_ENIF2024.pdf
CoinMarketCap (2025). Today's Cryptocurrency Prices by Market Cap.
https://coinmarketcap.com/?page=98
Demirgüç-Kunt, A., Klapper, L., Singer, D. and Ansar, S. (2022). The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Washington DC: The World Bank Group.
Demmler, M. and Fernández Domínguez, A. O. (2022). Speculative bubble tendencies in time series of Bitcoin market prices. Cuadernos de Economía, 41(86), 159-183.
https://doi.org/10.15446/cuad.econ.v41n86.85391
El Amri, M. C., Mohammed, M. O. and Bakr, A. M. (2021). Enhancing Financial Inclusion Using FinTech-Based Payment System. In Billah, M. M. (eds), Islamic FinTech. Berlin/Heidelberg, Springer, 191–207. https://doi.org/10.1007/978-3-030-45827-0_11
El Hajj, M. and Farran, I. (2024). The Cryptocurrencies in Emerging Markets: Enhancing Financial Inclusion and Economic Empowerment. Journal of Risk and Financial Management, 17(10), 467. https://doi.org/10.3390/jrfm17100467
FEM (2014). Global Competitiveness Report 2014-2015, World Economic Forum.
https://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2014-15.pdf
Fiedler, I. and Ante, L. (2023). Stablecoins. En Baker, H. K., Benedetti, H., Nikbakht, E. y Smith, S. S. (eds), The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges. Emerald Publishing Limited, 93-105. https://doi.org/10.1108/978-1-80455-320-620221007
Gobierno de México (2025). Plan Nacional de Desarrollo 2025-2030.
https://www.gob.mx/cms/uploads/attachment/file/966672/pnd-completo-2025-2030.pdf
Härdle, W. K., Harvey, C. R. and Reule, R. C. (2020). Understanding cryptocurrencies. Journal of Financial Econometrics, 18(2), 181-208. https://doi.org/10.1093/jjfinec/nbz033
Kashyap, A. K., Tripathi, K. and Rathore, P. S. (2021). Integrating Cryptocurrencies to Legal and Financial Framework of India. Journal Global Policy and Governance, 10(1), 121–37.
https://doi.org/10.14666/2194-7759-10-1-008
Koomson, I., Villano, R.A. and Hadley, D. (2020). Effect of Financial Inclusion on Poverty and Vulnerability to Poverty: Evidence Using a Multidimensional Measure of Financial Inclusion. Social Indicators Research, 149, 613–639. https://doi.org/10.1007/s11205-019-02263-0
Maulia, N. A. and Kamil, I. (2024). The Impact of Cryptocurrency Technology on Financial Inclusion and Economic Sustainability in Developing Countries. Journal of Advanced Technological Innovations, 1(2), 42-51.
Mhlanga, D. (2023). Blockchain technology for digital financial inclusion in the industry 4.0, towards sustainable development? Frontiers in Blockchain 6, 1035405.
https://doi.org/10.3389/fbloc.2023.1035405
Chen Shih , J. (2025). Relación entre inteligencia emocional y rendimiento académico en estudiantes de nivel superior de Arequipa en la postpandemia . Ciencia Y Reflexión, 4(2), 648–667. https://doi.org/10.70747/cr.v4i2.299
Alcántara , R. L. (2025). Acompañamiento Pedagógico Estrategia Colaborativa. Ciencia Latina Revista Científica Multidisciplinar, 9(3), 7881-7886. https://doi.org/10.37811/cl_rcm.v9i3.18412
Agila Mocha, R. J., Vivanco Ureña, C. I., León Bravo, F. E., & Reyes Carrión , J. P. (2025). Software Educativos para el Proceso de Enseñanza Aprendizaje de Matemáticas en Bachillerato. Ciencia Y Reflexión, 4(2), 1341–1369. https://doi.org/10.70747/cr.v4i2.334
Chen Shih , J. (2025). Relación entre inteligencia emocional y rendimiento académico en estudiantes de nivel superior de Arequipa en la postpandemia . Ciencia Y Reflexión, 4(2), 648–667. https://doi.org/10.70747/cr.v4i2.299
Quelal Morejón , C. E., Rogel Calderón , A. S., Loaiza Dávila , L. E., & Maqueira Caraballo, G. D. L. C. (2025). Los juegos predeportivos: una alternativa para la inclusión de estudiantes con Trastorno del Espectro Autista (TEA) a la clase de Educación Física. Arandu UTIC, 12(2), 2169–2189. https://doi.org/10.69639/arandu.v12i2.1055
Guadalupe Beltrán , E. S., Palomeque Zambrano, J. Y., & Loor Avila, B. A. (2025). Desafíos de la Educación Superior en Contextos Híbridos: Análisis de las Prácticas Docentes en la Universidad Estatal de Milagro durante el Periodo Académico 2025. Revista Veritas De Difusão Científica, 6(2), 1259–1281. https://doi.org/10.61616/rvdc.v6i2.685
Lozano Flores, L. D. (2025). Gamificación en el aprendizaje de unidades de tiempo: el caso de Sims 4. Emergentes - Revista Científica, 5(2), 68–86. https://doi.org/10.60112/erc.v5.i1.373
Velásquez Torres, A. O., González Bautista, G., Neira Vera , M., & García Montañez , A. M. (2025). Formación Docente en la Resolución Pacífica de Conflictos: Diagnóstico de una Necesidad Curricular en Colombia. Estudios Y Perspectivas Revista Científica Y Académica , 5(2), 2936–2952. https://doi.org/10.61384/r.c.a.v5i2.1329
Duarte Gahona, Y. K. (2025). Aplicación de la Inteligencia Artificial en la Personalización del Aprendizaje para Estudiantes con Necesidades Educativas Especiales . Revista Científica De Salud Y Desarrollo Humano , 6(2), 33–53. https://doi.org/10.61368/r.s.d.h.v6i2.575
Miraz, M. H. and Ali, M. (2018). Applications of Blockchain Technology beyond Cryptocurrencies. Annals of Emerging Technologies in Computing, 2(1), 1-6.
https://doi.org/10.33166/AETiC.2018.01.001
Mota Makore, S.T., Osode, P.C. and Lubisi, N. (2023). Facilitating Financial Inclusion Through the Development of a Decentralised Cryptocurrencies’ Regulatory Regime in South Africa, Zimbabwe and Botswana. In: Chitimira, H., Warikandwa, T.V. (eds) Financial Inclusion and Digital Transformation Regulatory Practices in Selected SADC Countries. Ius Gentium: Comparative Perspectives on Law and Justice, vol 106. Springer, Cham.
https://doi.org/10.1007/978-3-031-23863-5_3
Ozili, P. K. (2023a). Assessing global and local interest in eNaira CBDC and cryptocurrency information: implications for financial stability. Journal of Internet and Digital Economics, 3(1/2), 1-17. https://doi.org/10.1108/JIDE-10-2022-0019
Ozili, P. K. (2023b). CBDC, Fintech and cryptocurrency for financial inclusion and financial stability. Digital Policy, Regulation and Governance, 25(1),40-57. https://doi.org/10.1108/DPRG-04-2022-0033
Ponsot, J. F. (2017). Rethinking money. In L. P. Rochon y S. Rossi (eds.), A modern guide to rethinking economics. Edward Elgar Publishing, 114-128. https://doi.org/10.4337/9781784717216
UN (2015). Transforming our World – The 2030 Agenda for Sustainable Development.
https://sustainabledevelopment.un.org/content/documents/21252030%20Agenda%20for%20Sustainable%20Development%20web.pdf?_gl=1*1y4zu9k*_ga*MTMxNDM0Nzg5LjE3MTI3NjA5MDU.*_ga_TK9BQL5X7Z*MTcyMDExODA5My4zLjEuMTcyMDExODMxNi4wLjAuMA...
Vincent, O. and Evans, O. (2019). Can cryptocurrency, mobile phones, and internet herald sustainable financial sector development in emerging markets? Journal of Transnational Management, 24(3), 259–279. https://doi.org/10.1080/15475778.2019.1633170
Wong, Z.Z.A., Badeeb, R.A. and Philip, A.P. (2023). Financial Inclusion, Poverty, and Income Inequality in ASEAN Countries: Does Financial Innovation Matter? Social Indicators Research, 169, 471–503. https://doi.org/10.1007/s11205-023-03169-8
Agarwal, S., Qian, W. and Tan, R. (2020). Financial Inclusion and Financial Technology. In: Agarwal, S., Qian, W. y Tan, R. (eds.), Household Finance, Palgrave Macmillan, Singapore, 307-346.
https://doi.org/10.1007/978-981-15-5526-8_9
Allen, F., Gu, X. and Jagtiani, J. (2022). Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China. Journal of International Money and Finance, 124, 102625.
https://doi.org/10.1016/j.jimonfin.2022.102625
Antonopoulus, A. M. (2017). Mastering Bitcoin – Programming the Open Blockchain. O´Reilly Media, Sebastopol, CA.
Briano-Turrent, G. (2025). The effect of financial inclusion on economic and social indicators in Mexico. Latin American Journal of Central Banking, 6(1), 100161.
https://doi.org/10.1016/j.latcb.2024.100161
Chibba, M. (2009). Financial Inclusion, Poverty Reduction and the Millennium Development Goals. European Journal of Development Research, 21, 213–230.
https://doi.org/10.1057/ejdr.2008.17
CNBV (2020). Inclusión Financiera. https://www.gob.mx/cnbv/acciones-y-programas/inclusion-financiera-25319
CNBV (2025). Encuesta Nacional de Inclusión Financiera (ENIF) 2024: Reporte de Resultados.
https://www.cnbv.gob.mx/Inclusi%C3%B3n/Anexos%20Inclusin%20Financiera/Reporte_ENIF2024.pdf
CoinMarketCap (2025). Today's Cryptocurrency Prices by Market Cap.
https://coinmarketcap.com/?page=98
Demirgüç-Kunt, A., Klapper, L., Singer, D. and Ansar, S. (2022). The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Washington DC: The World Bank Group.
Demmler, M. and Fernández Domínguez, A. O. (2022). Speculative bubble tendencies in time series of Bitcoin market prices. Cuadernos de Economía, 41(86), 159-183.
https://doi.org/10.15446/cuad.econ.v41n86.85391
El Amri, M. C., Mohammed, M. O. and Bakr, A. M. (2021). Enhancing Financial Inclusion Using FinTech-Based Payment System. In Billah, M. M. (eds), Islamic FinTech. Berlin/Heidelberg, Springer, 191–207. https://doi.org/10.1007/978-3-030-45827-0_11
El Hajj, M. and Farran, I. (2024). The Cryptocurrencies in Emerging Markets: Enhancing Financial Inclusion and Economic Empowerment. Journal of Risk and Financial Management, 17(10), 467. https://doi.org/10.3390/jrfm17100467
FEM (2014). Global Competitiveness Report 2014-2015, World Economic Forum.
https://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2014-15.pdf
Fiedler, I. and Ante, L. (2023). Stablecoins. En Baker, H. K., Benedetti, H., Nikbakht, E. y Smith, S. S. (eds), The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges. Emerald Publishing Limited, 93-105. https://doi.org/10.1108/978-1-80455-320-620221007
Gobierno de México (2025). Plan Nacional de Desarrollo 2025-2030.
https://www.gob.mx/cms/uploads/attachment/file/966672/pnd-completo-2025-2030.pdf
Härdle, W. K., Harvey, C. R. and Reule, R. C. (2020). Understanding cryptocurrencies. Journal of Financial Econometrics, 18(2), 181-208. https://doi.org/10.1093/jjfinec/nbz033
Kashyap, A. K., Tripathi, K. and Rathore, P. S. (2021). Integrating Cryptocurrencies to Legal and Financial Framework of India. Journal Global Policy and Governance, 10(1), 121–37.
https://doi.org/10.14666/2194-7759-10-1-008
Koomson, I., Villano, R.A. and Hadley, D. (2020). Effect of Financial Inclusion on Poverty and Vulnerability to Poverty: Evidence Using a Multidimensional Measure of Financial Inclusion. Social Indicators Research, 149, 613–639. https://doi.org/10.1007/s11205-019-02263-0
Maulia, N. A. and Kamil, I. (2024). The Impact of Cryptocurrency Technology on Financial Inclusion and Economic Sustainability in Developing Countries. Journal of Advanced Technological Innovations, 1(2), 42-51.
Mhlanga, D. (2023). Blockchain technology for digital financial inclusion in the industry 4.0, towards sustainable development? Frontiers in Blockchain 6, 1035405.
https://doi.org/10.3389/fbloc.2023.1035405
Chen Shih , J. (2025). Relación entre inteligencia emocional y rendimiento académico en estudiantes de nivel superior de Arequipa en la postpandemia . Ciencia Y Reflexión, 4(2), 648–667. https://doi.org/10.70747/cr.v4i2.299
Alcántara , R. L. (2025). Acompañamiento Pedagógico Estrategia Colaborativa. Ciencia Latina Revista Científica Multidisciplinar, 9(3), 7881-7886. https://doi.org/10.37811/cl_rcm.v9i3.18412
Agila Mocha, R. J., Vivanco Ureña, C. I., León Bravo, F. E., & Reyes Carrión , J. P. (2025). Software Educativos para el Proceso de Enseñanza Aprendizaje de Matemáticas en Bachillerato. Ciencia Y Reflexión, 4(2), 1341–1369. https://doi.org/10.70747/cr.v4i2.334
Chen Shih , J. (2025). Relación entre inteligencia emocional y rendimiento académico en estudiantes de nivel superior de Arequipa en la postpandemia . Ciencia Y Reflexión, 4(2), 648–667. https://doi.org/10.70747/cr.v4i2.299
Quelal Morejón , C. E., Rogel Calderón , A. S., Loaiza Dávila , L. E., & Maqueira Caraballo, G. D. L. C. (2025). Los juegos predeportivos: una alternativa para la inclusión de estudiantes con Trastorno del Espectro Autista (TEA) a la clase de Educación Física. Arandu UTIC, 12(2), 2169–2189. https://doi.org/10.69639/arandu.v12i2.1055
Guadalupe Beltrán , E. S., Palomeque Zambrano, J. Y., & Loor Avila, B. A. (2025). Desafíos de la Educación Superior en Contextos Híbridos: Análisis de las Prácticas Docentes en la Universidad Estatal de Milagro durante el Periodo Académico 2025. Revista Veritas De Difusão Científica, 6(2), 1259–1281. https://doi.org/10.61616/rvdc.v6i2.685
Lozano Flores, L. D. (2025). Gamificación en el aprendizaje de unidades de tiempo: el caso de Sims 4. Emergentes - Revista Científica, 5(2), 68–86. https://doi.org/10.60112/erc.v5.i1.373
Velásquez Torres, A. O., González Bautista, G., Neira Vera , M., & García Montañez , A. M. (2025). Formación Docente en la Resolución Pacífica de Conflictos: Diagnóstico de una Necesidad Curricular en Colombia. Estudios Y Perspectivas Revista Científica Y Académica , 5(2), 2936–2952. https://doi.org/10.61384/r.c.a.v5i2.1329
Duarte Gahona, Y. K. (2025). Aplicación de la Inteligencia Artificial en la Personalización del Aprendizaje para Estudiantes con Necesidades Educativas Especiales . Revista Científica De Salud Y Desarrollo Humano , 6(2), 33–53. https://doi.org/10.61368/r.s.d.h.v6i2.575
Miraz, M. H. and Ali, M. (2018). Applications of Blockchain Technology beyond Cryptocurrencies. Annals of Emerging Technologies in Computing, 2(1), 1-6.
https://doi.org/10.33166/AETiC.2018.01.001
Mota Makore, S.T., Osode, P.C. and Lubisi, N. (2023). Facilitating Financial Inclusion Through the Development of a Decentralised Cryptocurrencies’ Regulatory Regime in South Africa, Zimbabwe and Botswana. In: Chitimira, H., Warikandwa, T.V. (eds) Financial Inclusion and Digital Transformation Regulatory Practices in Selected SADC Countries. Ius Gentium: Comparative Perspectives on Law and Justice, vol 106. Springer, Cham.
https://doi.org/10.1007/978-3-031-23863-5_3
Ozili, P. K. (2023a). Assessing global and local interest in eNaira CBDC and cryptocurrency information: implications for financial stability. Journal of Internet and Digital Economics, 3(1/2), 1-17. https://doi.org/10.1108/JIDE-10-2022-0019
Ozili, P. K. (2023b). CBDC, Fintech and cryptocurrency for financial inclusion and financial stability. Digital Policy, Regulation and Governance, 25(1),40-57. https://doi.org/10.1108/DPRG-04-2022-0033
Ponsot, J. F. (2017). Rethinking money. In L. P. Rochon y S. Rossi (eds.), A modern guide to rethinking economics. Edward Elgar Publishing, 114-128. https://doi.org/10.4337/9781784717216
UN (2015). Transforming our World – The 2030 Agenda for Sustainable Development.
https://sustainabledevelopment.un.org/content/documents/21252030%20Agenda%20for%20Sustainable%20Development%20web.pdf?_gl=1*1y4zu9k*_ga*MTMxNDM0Nzg5LjE3MTI3NjA5MDU.*_ga_TK9BQL5X7Z*MTcyMDExODA5My4zLjEuMTcyMDExODMxNi4wLjAuMA...
Vincent, O. and Evans, O. (2019). Can cryptocurrency, mobile phones, and internet herald sustainable financial sector development in emerging markets? Journal of Transnational Management, 24(3), 259–279. https://doi.org/10.1080/15475778.2019.1633170
Wong, Z.Z.A., Badeeb, R.A. and Philip, A.P. (2023). Financial Inclusion, Poverty, and Income Inequality in ASEAN Countries: Does Financial Innovation Matter? Social Indicators Research, 169, 471–503. https://doi.org/10.1007/s11205-023-03169-8
Publicado
2025-08-19
Cómo citar
Demmler , M., Aguilar Rangel, G., & Cuéllar Ramírez, R. (2025). Cryptocurrencies and Financial Inclusion in Mexico. Ciencia Latina Revista Científica Multidisciplinar, 9(3), 11176-11192. https://doi.org/10.37811/cl_rcm.v9i3.18883
Número
Sección
Ciencias Administrativas y Finanzas
Derechos de autor 2025 Michael Demmler , Gibrán Aguilar Rangel, Rodrigo Cuéllar Ramírez
Esta obra está bajo licencia internacional Creative Commons Reconocimiento 4.0.
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