Central Bank Of Mexico Set To Unveil Its CBDC In 3 Years

According to the Governor of the Bank of Mexico, Victoria Rodriguez Ceja, on April 21, revealed during a hearing in the sight of the Mexican Senate that the CBDC (MDBC) “will be in circulation” around 2025.

Rodriguez revealed that the CBDC would allow an immense financial implementation for citizens and increase the existing options of payment. Also, they hope for the placement of brand new automation mechanisms to help increase the pace of payment options.

“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.”

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This could lag the previous schedule kept and shared by the Central Bank. As of December 31st, 2021, Coindesk revealed in a report that the Country was optimistic that 2024 was the year to launch a CDBC. The disclosure suggests that Mexico’s CBDC could foster more services than just transferring values.

Notwithstanding, the President of Mexico, Manuel Lopez Obrador, dismissed the possibility of accepting Bitcoin or any cryptocurrency as a form of exchange in the country. The Central Bank of Mexico is looking to provide them with greater rights through regulation.

Rodriguez stated that Banxico and the rest of the central bank groups were surveying the possibility of regulating the use of crypto in the country to shield citizens when they are transacting.

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