Mexico Confirms Plans to Roll-out #CBDC in 2024

  #Mexico Confirms Plans to Roll-out #CBDC in 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.”

“We’re going to have the use of paper money as the preponderant payment domestically for a long time, so we don’t want to be absent from these technological advances,” Banxico’s deputy governor, Jonathan Heath, said in a recent video conference, according to a Mexican publication El CEO.

Mexico is not alone and other countries like India also are planning to launch a digital currency at a mass scale. The Reserve Bank of India (RBI) also believes that there are certain benefits if adopting digital currency over the current dependency on cash.

Recently, when the talk around India’s upcoming Bill on cryptocurrency started, there was buzz that one of the provisions of the Bill would facilitate the creation of RBI-backed cryptocurrency. The Bill, which was supposed to be tabled in the Winter Session of the Parliament, is now likely to be introduced in the Parliament in the next session. The idea, or so, hints the buzz, is that India will disallow all private crypto-currencies like Bitcoin for transactions but at the same time will create a new government-backed cryptocurrency.

 #Banxico's (Bank of Mexico) deputy governor, #JonathanHeath, said in a recent video conference that they plan to have its CBDC in place by the end of 2024.

The plans for a CBDC follow the recent statement by Mexico's President Andrés Manuel #LópezObrador that Mexico is unlikely to follow #ElSalvador's footsteps and use cryptocurrencies like #Bitcoin (#BTC) as legal currency.

At least two lawmakers in Mexico have suggested that the country embrace digital assets to spearhead the shift to #crypto and #fintech.

With the growing popularity of cryptocurrencies, it should come as no surprise that governments worldwide, including Mexico, are considering establishing a CBDC.

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