Mexico will launch its central bank digital currency (CBDC) in 2025, the governor of the Central Bank of Mexico, Victoria Rodríguez Ceja, announced.
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The official appeared before the Senate and pointed out that the new digital asset will be a great step towards financial inclusion for Mexicans.
“The digital currency seeks to generate means of payment oriented towards financial inclusion, expand fast, secure, efficient and interoperable payment options in the economy, and implement complementary functionalities to existing means of payment, such as automation mechanisms, programmability, and innovation”, Rodríguez Ceja slipped.
The governor explained that the Mexican CBDC will have built-in automation systems to speed up transaction processing times. Likewise, she recalled that the new assets will be 100% backed by the government, something that does not happen with decentralized cryptocurrencies.
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On the other hand, Rodríguez spoke about the crypto regulations in Mexico and announced that the Bank of Mexico has contacted other central banks around the world to advance in the best way. “Several groups of central banks, in which Banxico participates, are reviewing this regulatory issue to further protect those who participate in the financial system,” he added.