Bank Of Mexico Will Launch CBDCs By 2024: Report

Bank of Mexico will launch CBDCs by 2024 and will likely be backed by the value of the Mexican peso so let’s read more today in our latest crypto news.

The Bank of Mexico will launch CBDCs as they announced on Twitter. The announcement stated that Banxico will have its own CBDC in circulation by 2024 and considers these technologies and state-of-the-art payments infrastructure as great value options. According to the tweet, Banxico is planning to launch a CBDC which will be in circulation by 2024 and the tweet also noted that the decision has been made after considering the new technologies and next-generation payment infrastructure which are important as options of great value to advance financial inclusions int he region.

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 deputy governor of Banxico Jonathan Heath attended a video conference organized by S&P and unveiled more plans to introduce CBDCs by 2024. The CBDC that the bank will launch will be pegged to the price of the Mexican peso and will be managed and administered on the digital ledger. The term central bank digital currency refers to a form of fiat currency with the concept is gaining momentum lately as it offers financial inclusion and simplifies the implementation of fiscal and monetary policies. According to the new CBDC tracker of the Atlantic Council, the countries with more than 90% of the GDP are investigating the idea of launching CBDCs.

By confirming more plans to launch CBDCs in 2024, Mexico will join other countries that are already in the process of introducing CBDC like Nigeria, China, and India. The Bank of England disclosed that it could launch the CBDCS by 2023 after India which is actively working on the idea to introduce CBDC sometime soon.

As recently reported, One of the biggest supermarket chains in Mexico- Elektra, allowed the customers to pay their bills in BTC instead of fiat currencies so process the crypto payments, the company partnered with BitPay. At the same time, the South Koran video game publisher Nexon will enable players to purchase in-game items with crypto. The retail giant Elektra is the first retail store in Mexico to accept BTC as a payment method and the company explained that the customers that pay for their products in BTC will apply for a 20% discount on their bills with the promotion being valid until the end of December.