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Central Bank Of Mexico To Issue A CBDC By 2024

The mainstream adoption of cryptos continues in 2022, and one of the latest essential moves is made by the Central Bank of Mexico.

CoinDesk just reported that that Banxico is planning to launch a CBDC by 2024 and this has been confirmed by a tweet during the course of this week.

As the same online publication notes, the tweet which was posted in Spanish is explaining the following:

Banxico “will have a digital currency of its own in circulation” by 2024 as it considers of “utmost importance these new technologies and state-of-the-art payment infrastructure as options of great value to advance financial inclusion in the country.”

Banxico plans to have its CBDC in place “by the end of 2024, at the latest.”

This is what Banxico’s deputy governor, Jonathan Heath, said in a recent video conference organized by S&P, Mexican publication El CEO reported on Tuesday.

Heath added the following:

“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.”

Latin American countries are developing CBDCs

As the same important online publication mentioned above notes, Mexico joins Brazil and Peru as Latin American countries working on the development of CBDCs.

At the beginning of last month, Banxico’s governor, Victoria Rodriguez Ceja, said that the monetary authority was analyzing the launch of a CBDC.

“Authorities at the international level, given the interest that these virtual assets and their evolutions have awakened, have recognized the need and the potential to extend the functionalities of legal tender through the potential implementation of digital currencies issued by the Central Bank.”

This is what she said, according to a report by Independent en Español.

These are just some of the few important moves that are being taken towards achieving the important goal involving the mass adoption of digital assets all over the world.

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