Skip to main content

Digital Peso to Be Launched in Three Years According to Governor of Banxico

banxico

Banxico, the Central Bank of Mexico, has announced it expects the development of its central bank digital currency (CBDC), the digital peso, to be completed in about three years. Victoria Rodríguez Ceja, the governor of Banxico, reported this before the Mexican Senate and added that the new currency should fulfill the three traits of money to create more financial inclusion.

Governor of Banxico Reports CBDC Advancements

Banxico has given a status update on its CBDC, the digital peso. The governor of Banxico, Victoria Rodríguez Ceja, informed that the bank had a rough approximation of the time it will take to complete and launch the currency. During the bank’s visit to the Senate to render its annual report, Rodríguez Ceja stated:

We estimate that in this process we will take around three years for its definitive operation.

The governor also stated this currency could be used as a means of exchange, as a unit of account, and as a store of value — three traits of money. The development of this currency was announced back in December 2021, when the governor, also before the Senate, talked about the possible functions that such a currency could have.

Financial Inclusion and Payments

Rodríguez Ceja compared cryptocurrencies and the CBDC that is in process of development, explaining the differences between the two. She stated that the upcoming digital currency was backed by the central bank, and will be part of the monetary base of the country. However, about cryptocurrencies, she warned:

Crypto assets are unsupported assets, they are not legal tender currencies and due to variability they can be a risk for individuals who decide to have access to them.

Banxico expects the future digital peso to be useful for improving the financial inclusion of more people into the banking system. In this sense, the currency is also being designed to provide another alternative for making payments. Rodríguez Ceja stated that this new currency does not have the goal of substituting the current system, but will serve as a tool to provide more opportunities to the underserved.

According to the World Bank, Mexico lags in financial inclusion, with only 37% of adults having access to a bank account in 2021. In the same way, only 32% have made or received digital payments. This puts Mexico at a disadvantage when compared to similar countries in the area. The digital peso aims to improve this situation, with commercial banks also proposing to help in the design of the currency to fulfill its goals.

What do you think about the statements of Victoria Rodríguez Ceja about the digital peso? Tell us in the comments section below.



from Bitcoin News https://ift.tt/dLAHOBx
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more