{"id":209938,"date":"2021-12-31T11:30:06","date_gmt":"2021-12-31T11:30:06","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=209938"},"modified":"2021-12-31T10:06:34","modified_gmt":"2021-12-31T10:06:34","slug":"bank-of-mexico-planning-to-launch-cbdc-by-2024","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bank-of-mexico-planning-to-launch-cbdc-by-2024\/","title":{"rendered":"Bank of Mexico planning to launch CBDC by 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Bank of Mexico took to Twitter to announce their plans to launch a central bank digital currency (CBDC) by 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The announcement stated that the Banxico (Bank of Mexico) will have its own CBDC in circulation by 2024 as it considers &#8220;these technologies and state-of-art payments infrastructure as options of great value.&#8221;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"es\" dir=\"ltr\">El <a href=\"https:\/\/twitter.com\/Banxico?ref_src=twsrc%5Etfw\">@Banxico<\/a> informa que hacia 2024 tendr\u00e1 una moneda digital propia en circulaci\u00f3n, por considerar de suma importancia estas nuevas tecnolog\u00edas y la infraestructura de pagos de \u00faltima generaci\u00f3n como opciones de gran valor para avanzar en la inclusi\u00f3n financiera en el pa\u00eds.<\/p>\n<p>&mdash; Gobierno de M\u00e9xico (@GobiernoMX) <a href=\"https:\/\/twitter.com\/GobiernoMX\/status\/1476376240873517061?ref_src=twsrc%5Etfw\">December 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><b>Bank of Mexico confirms plans to launch CBDC<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to the tweet originally written in Spanish, Banxico is planning to launch the CBDC, which will be in circulation by 2024. The tweet also stated that the decision has been made after considering &#8220;these new technologies and next-generation payment infrastructure are extremely important as options of great value to advance financial inclusions in the country.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Earlier, Jonathan Heath, deputy governor of Banxico, while attending a video conference organized by S&P, had unveiled plans to introduce CBDCs by 2024, as <\/span><a href=\"https:\/\/elceo.com\/economia\/banxico-cbdc-moneda-digital\/\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> by Mexican publication <\/span><i><span style=\"font-weight: 400;\">El CEO.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The CBDC that Banxico will launch will presumably be pegged to the price of the Mexican peso and will be managed and administered on a digital ledger.\u00a0<\/span><\/p>\n<h2><b>CBDC popularity surge\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/c\/central-bank-digital-currency-cbdc.asp\"><span style=\"font-weight: 400;\">term<\/span><\/a><span style=\"font-weight: 400;\"> central bank digital currency refers to the virtual form of fiat currency. The concept has been gaining considerable momentum lately as it offers financial inclusion and simplifies the implementation of monetary and fiscal policies. As per the new CBDC <\/span><a href=\"https:\/\/www.atlanticcouncil.org\/cbdctracker\/\"><span style=\"font-weight: 400;\">tracker<\/span><\/a><span style=\"font-weight: 400;\"> of the Atlantic Council, countries with over 90% of GDP are investigating the idea of implementing CBDCs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By confirming plans to launch CBDCs by 2024, Mexico will be joining other prominent nations that are in the process of introducing CBDCs like <\/span><a href=\"https:\/\/cryptoslate.com\/indian-prime-minister-to-make-the-final-call-concerning-crypto-regulation-in-india\/\"><span style=\"font-weight: 400;\">India<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/cryptoslate.com\/crypto-loving-nigeria-begins-enaira-cbdc-project\/\"><span style=\"font-weight: 400;\">Nigeria<\/span><\/a><span style=\"font-weight: 400;\">, and China.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recently, the Bank of England also disclosed that it could launch its CBDC by 2030, followed by India, which is actively pursuing the idea of introducing CBDCs sometime soon.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Mexico took to Twitter to announce their plans to launch a central bank digital currency (CBDC) by 2024. The announcement stated that the Banxico (Bank of Mexico) will have its own CBDC in circulation by 2024 as it considers &#8220;these technologies and state-of-art payments infrastructure as options of great value.&#8221; El @Banxico [&hellip;]<\/p>\n","protected":false},"author":824,"featured_media":209944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of Mexico planning to launch CBDC by 2024<\/title>\n<meta name=\"description\" content=\"The central bank digital currency that will be launched by the Bank of Mexico will likely be backed by the value of the Mexican peso.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bank-of-mexico-planning-to-launch-cbdc-by-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Mexico planning to launch CBDC by 2024\" \/>\n<meta property=\"og:description\" content=\"The central bank digital currency that will be launched by the Bank of Mexico will likely be backed by the value of the Mexican peso.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bank-of-mexico-planning-to-launch-cbdc-by-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-31T11:30:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-31T10:06:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/bankofMexico-cbdc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Juhi Mirza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Juhi Mirza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bank-of-mexico-planning-to-launch-cbdc-by-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bank-of-mexico-planning-to-launch-cbdc-by-2024\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#person\",\"name\":\"Juhi Mirza\",\"url\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"caption\":\"Juhi Mirza\"},\"description\":\"Juhi Mirza is an archaeology major who is obsessive about blockchain\/Crypto technology and deems it to be the foundational philosophy of the future. 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