Mexico confirms plans to roll out CBDCs in 2024

New technologies and a next-generation payment infrastructure would help Mexico become more financially inclusive. “ Nothing in this post is financial advice” Read the full article by Arnold Kirimi

Many countries have been exploring CBDCs over the past year and maybe most notably is that China will be giving their digital Yuan a go at the Winter Olympics. Mexico has also now announced that they will introduce their own Central Bank Digital Currency.

The plan is to have it rolled out by 2024 and Andrés Manuel López Obrador, president of Mexico highlighted that "new technologies and next-generation payment infrastructure" will help Mexico become more financially inclusive. Recent statements from the president indicate they may not be taking the El Salvador approach just yet.

Lawmakers and socialites from Mexico also think that the country would embrace a “shift to crypto and fintech”. Having a CBDC is an efficient payment instrument for both domestic and international transactions. Since it is on the blockchain transaction times are much quicker and should have less of a cost burden.

Other countries that have been working diligently on a CBDC are Ukraine, which is working with Stellar (XLM), Sweden, and the EU. The only thing holding back the rise of a CBDC is that it would cause a lot of people to stop using banks. The race is on to see who will be the first to be able to do it successfully.