Mexican government confirmed in a tweet posted on Wednesday evening that the Central Bank of Mexico (Banxico) intends to release a central bank digital currency (CBDC) by 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 financiera en el país.
— Gobierno de México (@GobiernoMX) December 30, 2021
The tweet from Banxico, which was written in Spanish, referred to the fact that it will “have a digital currency of its own in circulation” by 2024, noting that to achieve financial inclusion in the country the adoption of these new technologies and a state-of-the-art payment system will be critically important.
According to the reports floating around, it is highly likely that the Bank of Mexico (Banxico) will issue a central bank currency or CBDC, which it will use as the official currency. Jonathan Heath, the deputy governor of the Bank of England, stated that this project is being undertaken by the issuing body. It will be ready by the end of 2024.
This is in accordance with what the governor of Banxico, Victoria Rodrguez Ceja, announced in early December, when she announced changes in the country. In a public hearing before the Senate Finance and Public Credit Commission, the official stated that the bank was analyzing the possibilities of establishing a CBDC.
International authorities, given the interest that these virtual currencies and their evolution have aroused and the exposure that they are providing at a global level, have recognized the need and the potential to extend legal tender’s functions to digital currencies and to possible implementation of digital currencies issued by central banks
Victoria Rodrguez Ceja, Governor – Banxico
CDBCs are being investigated prospectively by other countries as well. In an interesting twist, the Bank of England recently announced that England may launch its own digital currency by 2030. In addition, India has considered cryptocurrency restrictions that could pave the way for a virtual currency in the near future.
Additionally, the Federal Reserve of the United States is evaluating the potential of central bank digital currencies in a process which is taking place. However, there is little chance that they will create one in the near future.
