Mexico’s central bank announces the launch date of its CBDC digital currency
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Answer Mexico’s central bank announces the launch date of its CBDC digital currency
On April 21, Victoria Rodriguez Sega, Governor of the Bank of Mexico (Banxico), stated during a hearing before the Mexican Senate that the CBDC will be in circulation by 2025.
According to For Rodriguez, the central bank would allow greater financial inclusion for citizens while expanding existing payment options.
They also expect to deploy new automation mechanisms to speed up payment processes, and added:
“Digital currency seeks to create means of payments aimed at financial inclusion, expanding options for fast, secure, efficient and interoperable payments in the economy, and implementing complementary functions to (existing) means of payment, such as automation mechanisms, programmability, and innovation.
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This would slightly delay the previous schedule announced by the central bank.
On December 31, 2021, a report appeared that Mexico was considering 2024 as the year in which a central bank digital currency would be launched.
So the announcement gives the idea that CBDCs in Mexico can support more services than just transferring value.
The same spokeswoman explained the bank’s positive attitude towards the future regulation of the cryptocurrency industry, stressing that cryptocurrencies differ significantly from the currencies of central banks due to their decentralized nature, which allows citizens to have complete control over their money.
She explained that the advantage of digital central bank currencies is that they are backed by the government, as digital currencies on a digital basis are just a digital expression of paper money that we all know and use.
On the other hand, it added that this new CBDC digital currency is not intended to replace traditional currency or banknotes in circulation.
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However, it will be a strategic alternative to the current means of payment.
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