Mexico plans to introduce CBDCs by 2024

The Mexican central bank (Banco de México) has announced it plans to issue its own digital currencies by 2024. Thus, Latin American nations have joined China, Sweden, among others, in making similar public announcements.

Mexican government officials recently revealed that Banco de México would implement CBDCs into the country’s financial system by 2024. Authorities stress that the move is crucial, and more specifically, they said that it could “provide a significant boost to the integration of financial systems within the country.”

In an interview given at a conference organized by S&P Dow Jones Indices, Jonathan Heath – deputy governor of Banco de México – confirmed the news as follows:

We are currently working on a project. We even have a workflow timeline, and we believe we will complete them by the end of 2024.

A CBDC is not the same as decentralized cryptocurrencies such as bitcoin. It is a digital counterpart of fiat currency, which implies that it is entirely centralized and under the central bank’s jurisdiction. On the other hand, Bitcoin is decentralized since any entity does not back it.

Mexico has taken a pro-bitcoin position in recent months. A few weeks ago, Elektra, the country’s biggest grocery chain, began accepting Bitcoin payments in place of traditional currency.

Furthermore, Ricardo Salinas Pliego, Mexico’s third wealthiest person, likened the primary cryptocurrency to gold. He also recommended people invest in it “as soon as possible.”

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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