Changelly

Cryptocurrency

Banco de Mexico set to launch CBDC in 3 years

2 Mins read


The Governor of Mexico’s central bank, Victoria Rodriguez Ceja, has said that the country will launch its central bank digital currency (CBDC) by 2025. During a hearing with the Mexican Senate, the official said that the CBDC would foster financial inclusion for all citizens while supporting the growth of the existing payments system.

Banco de to launch CBDC in 3 years

Rodriguez said that the CBDC would be equipped with automation systems to boost fast transaction processing times. The new date for the launch of the CBDC is a little further from what had earlier been predicted by the central bank. In December last year, the institution said that the CBDC would be launched in 2024.

“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,” the governor said.

The governor also added that cryptocurrencies differed from CBDCs because the former operated on decentralization. Cryptocurrencies allowed citizens to have full control over their assets. On the other hand, CBDCs were backed by the government and were a digital version of fiat money.

She also said that a CBDC would not replace fiat currency and instead, it would complement it. The Bank of Mexico is working alongside the Bank of International Settlements to launch the CBDC, but a successful launch for the same needed much work.

Crypto regulations in Mexico

The President of Mexico recently said that the country would not adopt Bitcoin as legal tender. However, the Bank of Mexico is turning its focus on cryptocurrency regulations to ensure that Bitcoin and other cryptocurrencies are given better clarity.

Cloudbet bonus

Rodriguez has also added that the Bank of Mexico and other central banks globally were looking into creating a clear regulatory framework to promote the use of cryptocurrencies within the country. A clear regulatory framework will protect citizens making transactions in cryptocurrencies.

“Several central bank groups, in which Banxico participates, are reviewing this issue [of regulation] so as to further protect those participating in the financial system,” Rodriguez added.

Therefore, despite Mexico’s plans for a CBDC, the country still showed a positive stance regarding private cryptocurrencies. Regulating cryptocurrencies could open more opportunities for the government to collect taxes.

Your capital is at risk.

Read more:



Source link

Related posts
Cryptocurrency

Digital Collectible Owners Continue to Take Loans out Using NFTs as Collateral – Blockchain Bitcoin News

3 Mins read
While non-fungible token (NFT) collectibles have become a hot commodity over the last 12 months, a number of NFT owners are taking…
Cryptocurrency

Why Coinbase and the WNBA are investing in the future together | by Coinbase | May, 2022

1 Mins read
TL;DR: Coinbase is announcing its partnership and investment in the WNBA ecosystem. Today, Coinbase is excited to announce our expanded investment within…
Cryptocurrency

Hyperledger Foundation deploy new versions of three blockchain tools to enhance ecosystem

1 Mins read
Enterprise blockchain firm Hyperledger Foundation has announced the development and release of three roadmap projects: Cactus 1.0, FireFly 1.0 and a preview…

Leave a Reply

Your email address will not be published. Required fields are marked *