Mexico's bank took to twitter to announce their plans to launch a central digital currency bank (cbdc) by 2024.
The announcement declared that the banxico (bank of mexico) will have its own cbdcs in circulation by 2024 as 'these technologies and state-of-the-art payment infrastructure are considered as high value options.”
el @banxico informa que hacia 2024 tendra una moneda digital propia en circulacion, por considerar de suma importancia estas nuevas tecnologias y la infraestructura de pagos de ultima generacion como opciones de gran valor para avanzar en la inclusion financiera en el pais.
— gobierno de mexico (@gobiernomx) december 30, 2021
bank of mexico confirms plans to launch cbdc
according to the tweet originally written in spanish, banxico is planning to launch the cbdc, which will be in circulation by 2024. The tweet also states that the decision was made after considering "these new technologies and next-generation payment infrastructure are extremely important as valuable options to advance financial inclusion at home."
earlier, jonathan heath, deputy governor of banxico, while attending a video conference organized by s&p, had unveiled plans to introduce cbdcs by 2024, as reported by mexican publication el ceo.
The cbdc that banxico will launch will likely be linked to the Mexican peso price and will be managed and administered on an e-Book.
Growing popularity of CBDCs.
the term central bank digital currency refers to the virtual form of fiat currency. The concept has gained considerable momentum recently, providing financial inclusion and streamlining the implementation of monetary and fiscal policies. as per the new cbdc tracker of the atlantic council, countries with over 90% of gdp are investigating the idea of implementing cbdcs.
by confirming plans to launch cbdcs by 2024, mexico will be joining other prominent nations that are in the process of introducing cbdcs like india, nigeria, and china.
Recently, the Bank of England also revealed that it could launch its CBDCs by 2030, followed by India, which is actively pursuing the idea of introducing CBDCs shortly.
