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The Bank of Mexico is planning to introduce a central bank digital currency (CBDC) by 2024, according to a government report.
Mexican government reports on CBDC
Yesterday, the Government of Mexico announced via Twitter that the Bank of Mexico will introduce a CBDC in 2024.
El @Banxico informa que hacia 2024 tendrá una moneda digital propia en circulación, por considerar de suma importancia estas nuevas tecnologías y la infraestructura de pagos de última generación como opciones de gran valor para avanzar en la inclusión el financiera.
— Gobierno de México (@GobiernoMX) December 30, 2021
The tweet says “Banxico [Ngân hàng Mexico] reported that by 2024 they will have their own digital currency in circulation.” The bank said that the decision was made because CBDCs and related technology are “extremely important as great value option to promote financial inclusion in the country.”
The Mexican government appears to have based its report on statements made by Deputy Governor of the Bank of Mexico Jonathan Heath during a recent video conference.
There, Heath said that the country’s central bank has a timeline, and added that “probably by the end of 2024 we must have [CBDC] run smoothly.”
While little is known about the Mexican CBDC, the asset will presumably be backed and pegged to the price of the Mexican peso and processed on a digital ledger.
Other Central Banks Developing CBDC
If the Bank of Mexico successfully introduces a CBDC in the coming years, it will be one of many central banks to do so. Other banks that have created CBDCs or are in the process of doing so include banks in China, Nigeria and Sweden.
Other countries are conducting CDBC investigations. Notably, the Bank of England recently announced that the country could launch its own CBDC by 2030, while India has been looking at cryptocurrency restrictions that could pave the way for a digital currency.
In addition, the US Federal Reserve is also in the process of reviewing the potential of central bank digital currencies, although the country is unlikely to create such an asset in the near future. near future.
Global organizations such as the International Monetary Fund are also involved in researching aspects of CBDCs.
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