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Mexico plans its own CBDC from 2024

 


In Mexico, the central bank is forging plans for its own CBDC. The digital currency could then already be in circulation from 2024.

Mexico will get its own CBDC. The government press office announced this on Twitter . According to this, the Banco de México , the central bank of the North American country, wants to bring its own digital currency into circulation by 2024. There is no concrete information about the size of the digital peso at the moment.

The government communication particularly emphasizes the benefit of financial inclusion. As reported by the Mexican Bankers Association (ABM), almost 53 percent of adult citizens did not have a bank account. In addition, seven out of ten Mexicans have no access to credit. According to a study by the British research institute Merchant Machine , Mexico is among the top 5 countries with the least developed banking infrastructure.

At the same time, developments around national CBDCs are increasing internationally. Pioneer China is already planning the next test run of the digital yuan at the Winter Olympics in February. The central bank has now completed an initial pilot project in Jamaica and is planning further field tests in the first quarter of this year. Within the EU, the ECB has been examining the use of an e-euro in a 24-month project phase since July 2021 . It remains to be seen what role Mexico can play in the international CBDC race.

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