The central bank of Mexico, Banxico, will launch its digital fiat currency Peso next year. The team behind the Peso project confirmed that the Mexican digital currency (MDC) would undergo multiple test phases.
What to Expect from the Digital Peso?
The thriving popularity of cryptocurrency influenced Mexico to declare its interest in joining the crypto community in 2021. The country’s exceptional move to the crypto space influenced the Mexican president, Andrés Manuel López Obrador, to order Banxico to develop the first central bank digital currency (CBDC).
Banxico’s ongoing project was applauded by Mexican crypto enthusiasts anticipating a mass exodus of investors from traditional fiat-based transactions to crypto and fintech.
Mexican digital currency development aims to improve the country’s financial inclusiveness globally. The government will attain this by adopting new crypto technologies and the hyped next-gen payment methods.
Digital Peso Development Progress
A report shared by the Mexican central bank confirms that the Peso preliminary phase mandates the regulator to develop a budget that will guide other subsequent Peso development. The official launch date of the digital Peso is yet to be confirmed.
The digital currency will introduce a modern PageCel interface that will enable the user to conduct transactions using personal information. The next phase will require the intervention of financial regulators to integrate the Interbank Electronic Payment System (SPEI). This system is owned and managed by Banxico and will generate security codes for the digital Pose.
The final phase aims at achieving financial inclusiveness by allowing the unbanked Mexican population to conduct business using the Pose currency.
Crypto Adoption in Mexico
As per data captured by Tripple A’s analysts, Mexican crypto adoption has increased by 40% from 2021. The growing millennial generation exhibits tremendous interest in blockchain technologies and crypto assets.
Mexico also competes with other countries in Northern America in crypto ATM installations. Remarkably, crypto fans are supporting the pro-crypto legislators’ petitions to increase the number of crypto ATMs in the country. The most recent Bitcoin ATM was installed within the senate building.
Crypto assets are set for widespread utilization in the country. According to the World Bank, Mexico is ranked second among the wealthy countries in remittance recipients globally. From last July, the remittance inflows surged to $51.6B from $40.6B in 2021. The country is set to realize increased remittances and crypto-based transactions as the global economies recover.
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