According to local sources, the Mexican central bank digital currency (CBDC) is still in its initial stages of development, with Banxico yet determining the requirements for its issuance.
The Mexican central bank digital currency , the digital peso, is unlikely to be ready by 2024, as was announced back in 2021 by the Mexican government. In a statement, representatives from Banxico, the central bank of Mexico, stated the development of the currency was still in its initial stages, and there is still no date set for its launch.the development of its own digital peso via social media, which would be launched circa 2024.
According to local sources, the Mexican central bank digital currency is still in its initial stages of development, with the general directorate of payment systems and market infrastructures, the division of the bank tasked with its construction, still determining the requirements for its issuance.The result of this initial phase entails the preparation of a budget that is currently being determined, and will in turn allow establishing a probable date on which said CBDC will be available.
Furthermore, it was disclosed more than $500,000 was used for the development of this currency during 2022, allocated from funds provided by Banxico.Other estimations for the launch date of the Mexican CBDC have been made by different officers of the government. In April, the governor of Banxico, Victoria Rodríguez Ceja,that the whole development cycle would take the institution around three years.
At the time, Rodriguez Ceja also established a clear distinction between the future CBDC and other cryptocurrencies, stating that they were unsupported assets, and were not legal tender in the country. The Mexican CBDC is designed to be interconnected with the traditional financial system, allowing banks to facilitate the transaction of these tokens through the already-existent payment system.
Mexico is another country on the long list of nations that are currently investigating or already developing their CBDCs. According to the Bank of International Settlements, eight of every ten central banks are currently studying these solutions.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2024 Audi S4 Avant Shows Off Its Quad Tailpipes | CarscoopsThe camouflaged performance wagon would be all but indistinguishable from the normal A4 prototypes if not for its quad exhaust
Read more »
John Bolton talks 2024 White House run, says Trump support in ‘terminal decline’Former National Security Advisor John Bolton on Friday confirmed his 2024 White House run against his old boss, former President Donald Trump.
Read more »
Ram's fully electric 1500 due 2024, uses 800V chargingDetails on how the Ram 1500 Revolution BEV Concept will be powered may be few, but Stellantis is hurrying up its truck electrification plans
Read more »
GOP Congressman 'Embarrassed' By His Party's Antics: 'In 2024, We Will Get Pummeled'Rep. Don Bacon (R-NE) is feeling humiliated by Republicans melting down, name-calling, and not being able to pick a House Speaker.
Read more »
Cops ID suspect who allegedly sneered ‘Kanye 2024’ in anti-Semitic attackPerin Jacobchuk, 32, targeted the 63-year-old victim as he walked in the park near the intersection of Terrace Drive and East Drive around 7:30 p.m. Dec. 14, cops said.
Read more »