Visa Cryptocurrency Partners

Bank of Mexico Is Planning to Launch a Digital Currency

Bank of Mexico Is Planning to Launch a Digital Currency
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  • the Bank of Mexico intends to launch Central bank digital currency within the next two years.
  • Central banks around the world are gaining interest in digital central bank currencies to maintain control of the money supply.
  • Insider Intelligence publishes hundreds of research reports, charts, and forecasts about the banking industry. Learn more about becoming a client.

news: The Bank of Mexico plans to launch a central bank digital currency (CBDC) within the next two years, according to American Banker.

Possibility of exchanging digital currency for fiat currency

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central bank confirmed Its plans last week via Twitter, signaling a strong commitment by noting that “these new technologies and the next generation of payment infrastructure are extremely important.”

data: Among adults with discretion over their finances, awareness of cryptocurrencies is almost ubiquitous, according to Visa. study Completed in partnership with LRW, a materials company.

  • Worldwide 81% of adults control their family’s finances (family income >35,000 USD and they are financial decision makers). Of this group, 94% were familiar with cryptocurrencies.
  • 57% of respondents were familiar with the underlying cryptocurrency. That number has jumped to 70% among adults in emerging markets. It was only 49% for those in advanced economies.
  • 46% of respondents worldwide were familiar with stablecoins. Similar to digital central bank currencies, developing countries show greater awareness of stablecoins than more mature regions – 61% versus 37%, respectively.

bigger picture: Central banks around the world are ramping up interest in central bank digital currencies as they look to maintain control of their country’s money supply.

  • China’s central bank chest A digital yuan (e-CNY) pilot before the Beijing Winter Olympics. The number of people with e-CNY accounts has risen to 140 million, according to November data from the Public Bank of China.
  • India plans to pilot a central bank digital currency early this year, and indicated that it might link the digital currency to a bank-to-bank mobile instant transfer system, which could help boost adoption.
  • Elsewhere, the cryptocurrency ambitions of central banks are less developed, but about 90% of central banks around the world are as well. exploration Create CBDCs, according to Reuters. (And for those who keep the points, there are now too Central bank digital currency tracker.)

I look ahead: As digital currencies of all kinds gain global momentum, banks that are not prepared to meet the demand risk being left behind.

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