Mexico’s central bank, Banco de Mexico, announced that it would have its own digital currency in circulation by 2024. The Latin American country was able to join other countries like China and Indonesia that have also announced plans to launch CDBCs.
Digital Peso in 2024
Recent tweets from the Mexican government revealed that Banco de Mexico (the Central Bank of Mexico), will implement a CBDC within the country’s financial systems by 2024.
Authorities emphasized the importance of such an action, saying that it could “greatly value to advance financial inclusion in the country.”
Jonathan Heath, the Deputy Governor of Banco de Mexico, confirmed this news during an interview with S&P Dow Jones Indices.
“We are currently working on a project. We even have a timeline that we believe will see it operational by 2024 (CBDC).
The CBDC is very different from decentralized cryptocurrencies like bitcoin. The digital version of fiat currency is the former. It is completely centralized and controlled by a central bank. Bitcoin, on the other hand is decentralized because it doesn’t have a central authority.
Mexico has been pro-bitcoin in recent months. Recently, Elektra, the country’s largest supermarket chain, allowed customers to pay their bills using Bitcoin instead of fiat currencies.
Ricardo Salinas Pliego, Mexico’s third richest person, also compared the primary cryptocurrency with gold and recommended that people invest in it as soon possible.
Who else is racing towards a CBDC
Many countries around the world have set their sights on launching a digital currency central bank.
The People’s Republic of China, which is the most hostile country to cryptocurrencies and has been trying to promote its digital currency over the past 12 months in line with its communist regime, has attempted numerous times to promote its digital Yuan. The authorities later announced that they would allow foreign visitors and athletes to use the financial product at the 2022 Beijing Winter Olympics.
In Indonesia, earlier this month, plans were made to issue a digital version of its national currency. A CBDC, according to the nation’s central bank, is more reliable than bitcoin, ether and other digital assets.
“A CBDC would make it possible to combat crypto. The financial institution said that CBDC would be more trustworthy than crypto because people believe it to be more reliable.
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