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Mexico is preparing to launch its digital currency for the Central Bank “CBDC” and announces the date of it!

Mexico is preparing to launch its digital currency for the Central Bank “CBDC” and announces the date of it!

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Answer Mexico is preparing to launch its digital currency for the Central Bank “CBDC” and announces the date of it!

According to tweet The Mexican government published it on Wednesday evening on its official account stating that by 2024, the Mexican Central Bank “Banco de México” will have its own central bank digital currency in circulation.

Bearing in mind that such new technologies and next-generation payment infrastructure are very important as they will help Mexico become more financially inclusive, according to the same tweet.

Jonathan Heath, Deputy Governor of the Bank of Mexico, revealed in a video conference hosted by S&P that Mexico’s central bank plans to launch its national digital currency by the end of 2024 at the latest.

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Heath stated:

We are working on a CBDC project and we have a timeline where we think maybe by the end of 2024 at the latest, it should be up and running.

Regulators are racing to keep up with the crypto boom:

Mexico has joined Peru and Brazil as Latin American countries seek to develop a central bank digital currency.

In addition, neighboring Chile is in discussions about launching its own central bank digital currency in 2022.

This development comes at a time when policy makers around the world are striving to keep pace with the rapid spread of cryptocurrencies.

Mexico’s plans to launch a central bank digital currency come a few months after Andres Manuel Lopez Obrador, the president of Mexico, declared in October that the nation was unlikely to follow in El Salvador’s footsteps by adopting cryptocurrencies, such as Bitcoin, as legal tender.

In June, Arturo Herrera, Mexico’s finance minister, stated that cryptocurrencies are not assets, are not legal tender, and are not treated as currencies within the country’s current regulatory framework.

His announcement came after billionaire Ricardo Salinas Blego said he was working to make Banco Azteca, a retail banking company, the first bank in Mexico to accept bitcoin.

Read:A Twitter employee is accused of complicity in the recent Bitcoin hack, and Twitter responds

In July, the Mexican Financial Intelligence Unit (UIF), the agency responsible for cracking down on money laundering, accused 12 cryptocurrency exchanges of failing to comply with their reporting requirements.

The agency stated that these platforms are not registered with the regulator and are operating illegally in the country.

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