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Mexico’s Central Bank Says CBDC “Will Be In Circulation” By 2025

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In a hearing before the Mexican Senate, the Governor of the Bank of Mexico (Banxico), Victoria Rodriguez Ceja said that the CBDC will be in circulation by 2025.

The CBDC wants to provide citizens with more payment options enabling greater financial inclusion, says Rodriguez. They also plan to deploy new automation mechanisms in order to accelerate the payment process. 

However, this can result in delaying the earlier schedule shared by the Central Bank. As per the earlier reports, the country was considering 2024 as the year launch for its CBDC. Further reading into the announcement suggests that the idea is that Mexico’s CBDC can mean something beyond just transmission of the value. 

Banco de Méxic Plans To Regulate Cryptocurrencies

The central bank of Mexico is working towards providing more legality to cryptocurrencies although Manuel López Obrador, the president of Mexico has clearly refused to adopt Bitcoin or any cryptocurrency as legal tender in the country. 

Further, Rodriguez revealed that central bank groups including Banxico are exploring the possibility of regulating the crypto assets in the country in order to ensure safe transactions for their customers as these transactions are not regulated or protected by the Bank of Mexico. 

This shows that although Mexico is all set to launch its own digital currency, the country still wants to keep up with the broader crypto industry in terms of regulations. It would be helpful for the Government to collect more taxes just like in other countries including Brazil, Spain, and the United States.

CBDCs Are Different Than Cryptocurrencies

The Governor of Banxico also cleared that it stands in favor of the future regulation of the crypto industry but she also emphasized that digital assets and CBDCs are very different in nature, saying that crypto assets are decentralized in nature renders users full control over their money. 

She then goes on to say that CBDCs have an advantage that it is backed by the Government since CBDCs are just a digital form of fiat currency. 

She also clarified that the aim of the new CBDC does not aim to replace the traditional currency or the banknotes in circulation. However, it would be a strategic alternative to the current means of payment.

ALSO READ: Bank of Canada conducted The financial literacy test to know bitcoin Holders- here is the result

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