The President of Banco de Mexico (the country’s central bank) has announced that Mexico will put its CBDC into circulation within the next 3 years.
On April 21, Bank of Mexico (Banxico) President Victoria Rodriguez Ceja said at a meeting in the Mexican Senate that the CBDC will be “in circulation” by 2025. According to Rodriguez, the CBDC will provide greater financial inclusion for citizens while expanding existing payment options. They also expect to establish new automation mechanisms to accelerate payment processes:
“Digital currency will produce payment instruments aimed at financial inclusion, expand fast, secure, efficient and interoperable payment options in the economy and (existing) payment options. It will enable to add automation mechanisms, programmability, and innovation to its vehicles.”
The current schedule will be slightly delayed compared to the previous schedule shared by the Central Bank. On December 31, 2021, it was reported that the country was considering 2024 as the CBDC launch year. However, this has changed.
Mexican President Manuel López Obrador has ruled out the possibility of accepting Bitcoin or any cryptocurrency as legal tender in the country, although Mexico’s own central bank is now trying to give them more legality through regulation. Rodriguez said that Banxico and other central bank groups are examining the possibility of regulating the use of cryptocurrencies in the country to protect citizens when making their transactions, as such transactions are not protected or regulated by the Bank of Mexico.
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