The Bank of Mexico plans to launch the CBDC by 2024

The Bank of Mexico has announced on Twitter its plans to launch a central bank digital currency (CBDC) by 2024.

The statement said Banxico (Bank of Mexico) will have its own CBDC in circulation by 2024 because it considers “these technologies and state-of-the-art payment infrastructure to be high-value options”.

The Bank of Mexico confirms plans to launch the CBDC

According to a tweet originally written in Spanish, Banxico plans to launch CBDC, which will be in circulation by 2024. The tweet also said the decision was made after considering “these new technologies and next-generation payment infrastructure are extremely important as high-value options for improving financial inclusion in the country. ”

Earlier, Jonathan Heath, Banxico’s deputy governor, while attending a video conference hosted by S&P, unveiled plans to introduce the CBDC by 2024, as reported according to a Mexican publication Chief executive officer.

The CBDC that Banxico will launch is likely to be tied to the price of the Mexican peso and will be managed and managed on a digital book.

The rise in popularity of CBDC

The appointment central bank digital currency refers to the virtual form of fiat currency. The concept has recently gained considerable momentum as it offers financial inclusion and simplifies the implementation of monetary and fiscal policy. According to the new CBDC tracker Of the Atlantic Council, countries with over 90% of GDP are exploring the idea of ​​implementing a CBDC.

Reaffirming plans to launch the CBDC by 2024, Mexico will join other prominent nations that are in the process of introducing the CBDC, such as India, Nigeria, and China.

Recently, the Bank of England also revealed that it could launch its CBDC by 2030, followed by India, which is actively implementing the idea of ​​introducing CBDC soon.

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