Mexico had already indicated that it was studying digital currency. Photo: Joe Bamz, Pixabay.
Mexico will have its central bank digital currency, the CBDC, in circulation in 2024. According to the Mexican government, the initiative will take place because “these new technologies and state-of-the-art payment infrastructure are considered of paramount importance as great options. value to advance in the country’s financial inclusion”. The government gave the information through a post on Twitter.
By 2024, Brazil also expects to have its own in Brazilians’ digital wallets. For this, the tests of the digital real begin in 2022. On the 2nd of the month, the president of BC of Mexico, Victoria Rodriguez Ceja, had already said that the bank was studying having a digital currency.
However, there are other countries in the region that study CBDCs, a movement that affects around 90% of the world’s central banks. Last November, for example, Peru announced that it is working with central banks in India, Singapore and Hong Kong to develop its CBDC. “We won’t be the first, because we don’t have the resources to be the first and face the risks of that. But we don’t want to be left behind”, said the president of the Peruvian BC, Julio Velarde. According to him, the country is at least at the same level or even ahead of studies in Brazil and Mexico.
The @Banxico reports that by 2024 it will have its own digital currency in circulation, considering these new technologies and the next-generation payment infrastructure are extremely important as options of great value to advance financial inclusion in the country.
– Government of Mexico (@GobiernoMX) December 30, 2021
Mexico is part of about 90% of BCs that study digital currency
In Chile, the government created a committee to study the matter last September. In the first quarter of 2022, it will release a study with actions, strategies and expected results from studies on the subject.
THE Uruguay has already done a pilot test of its e-peso in 2019. One of the observations of this test was that transfers between participants, who were already accustomed to electronic means of payment, increased. They also concluded that the token model for the currency is positive.
In Argentina, the country’s president, Alberto Fernandez, was in favor of the country having a CBDC. However, the president of the Central Bank showed no interest and justified that the currency would bring a risk of instability.