Tuesday, June 6, 2023

Mexico Central Bank Will Launch Its CBDC In Three Years

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The Mexico central bank will launch its CBDC in three years’ time according to the Governor of Banco de Mexico that we read more about in today’s latest crypto news.

Victoria Rodriguez Ceja who is the governor of the Mexico Central Bank informed that the country will have its CBDC project in full circulation in the next three years. According to Rodriguez, the CBDC will enable bigger financial inclusion for the people while expanding the existing payment option and they also expect to deploy the new automation mechanism to boost the payment processes:

“The digital currency seeks to generate means of payments aimed at financial inclusion, expand options for fast, secure, efficient, and interoperable payments in the economy, and implement complementary functionalities to the (existing) means of payment, such as automation mechanisms, programmability, and innovation.”

This will delay a little bit of the schedule since on December 31, 2021, the reports showed that the country had 2024 in mind for a CBDC launch and the announcement however gave the idea that the Mexican CBDC can support even more services than just transmission of the value. Mexican President Manuel Lopez Obrador ruled out the chance of adopting BTC or any crypto as a legal tender with the country’s own central bank seeking to give them bigger legality via regulation.

mexican central bank

Rodriguez said that Banxico and other bank groups are studying the possibility of regulating the use of crypto in order to protect the people when making their transactions since these transactions are not protected and regulated by the Bank:

“[Several] central bank groups, in which Banxico participates, are reviewing this issue [of regulation] so as to further protect those participating in the financial system.”

This means that even though the country is launching its own digital currency, the country doesn’t want to be left behind in terms of regulations of the crypto industry that can help the Government to collect more taxes as happened with Brazil, Spain, and the US. The Banxico governor clarified the bank’s position towards a future regulation of the industry but she outlined that the cryptos are quite different from CBDCs because of their decentralized nature that allows citizens to have full control over their money.

She did say however that the CBDC’s advantage is that they are backed by the government and are only a digital expression of the fiat money. On the other hand, she added that CBDCs don’t intend to replace the traditional currency of the banknotes that are already inc education.

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