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Mexico Will Be One of the First Countries to Launch a CBDC in Latin America

A high-level official has confirmed plans by the Bank of Mexico (Banxico) to launch the digital peso in 2024. Authorities recognize that a large portion of the Mexican...
Mexico Will Be One of the First Countries to Launch a CBDC in Latin America Mexico Will Be One of the First Countries to Launch a CBDC in Latin America

  • A high-level official has confirmed plans by the Bank of Mexico (Banxico) to launch the digital peso in 2024.
  • Authorities recognize that a large portion of the Mexican economy still uses cash, due to almost two-thirds of the population not being banked.

Mexico is likely to become one of the first countries in Latin America to join the club of nations with central bank digital currencies (CBDC). The news was confirmed by the Undersecretary of Finance, Gabriel Yorio, when presenting analysis of the use of digital payments in the country and the subsequent decrease of those in cash.

"I think there is a moment in terms of the intensive use of digital platforms, decreased use of cash and eventually I think that Mexico is going to be one of the countries that has one of the first digital currencies," Yorio commented during the presentation of the Survey of National Financial Education (ENIF). The official explained that the issuing institute has already been encouraging digital payments through the CoDi platform. “Once you have a digital currency that works like a traditional currency, which is more likely to be used for electronic commerce, it will help consolidate a digital bail bond agenda in Mexico,” he added. The authorities recognize that a large portion of the Mexican economy still operates through cash, due to the sizeable unbanked population (almost 60% according to INEGI data) that resides in rural areas, far removed from urban centers, and marginalized areas.

The Launch of the Digital Peso in 2024

Banxico plans to launch its digital currency as late as 2024, which will allow more Mexicans to be included in the financial system. If so, Mexico would become one of the first countries to put a CBDC into circulation.

The first country to launch its own digital currency in Latin America, and indeed the world, was The Bahamas, which issued the Sand Dollar. Sweden followed soon after, coining the eKrona. Currently, around 100 CBDC projects worldwide are in different phases of testing and analysis.

The other country in the region to be making progress towards issuing a digital currency is Chile. The South American nation is expected to decide on its launch in early 2023.

Mexico considers it extremely important to adopt blockchain technology as a means to increase financial inclusion and improve the payment system.

"Banxico is pleased to reveal that by 2024 it will have its own digital currency in circulation, considering these new technologies and the next-generation payment infrastructure to be of the utmost importance as options of great value to advance financial inclusion in the country," the bank said in a statement on its Twitter (NYSE:TWTR) account on December 29th.

On the Flipside

  • The recent announcements and plans for the launches of centralized digital currencies come at a critical time for private cryptocurrencies, which have lost some $200 billion in market cap due to a variety of factors, including fears surrounding interest rate hikes by the world’s central banks.

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22-05-2022 02:00:01 (UTC+7)

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 EUR/USD1.0562↑ Buy
 GBP/USD1.2489Neutral
 USD/JPY127.86Neutral
 AUD/USD0.7039Sell
 USD/CAD1.2839↑ Buy
 EUR/JPY135.05Neutral
 EUR/CHF1.0296↑ Buy
 Gold1,845.10↑ Buy
 Silver21.765↑ Sell
 Copper4.3042↑ Buy
 Crude Oil WTI110.35↑ Sell
 Brent Oil112.91↑ Sell
 Natural Gas8.058↑ Sell
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,717.24↑ Sell
 Small Cap 20001,768.35↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,875/ 6,975
(6,875/ 6,975) # 1,795
SJC HCM6,895/ 6,985
(0/ 0) # 1,800
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,802
SJC Danang6,895/ 6,987
(0/ 0) # 1,802
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,802
SJC Cantho6,895/ 6,987
(0/ 0) # 1,802
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