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

According to the governor, this currency could be used as a medium of exchange, a unit of account, and a store of value, all of which are characteristics of money. The creation of this money was first announced in December 2021, when the governor spoke to the Senate about the potential purposes of such a currency.

Payments and Financial Inclusion

Rodrguez Ceja compared cryptocurrencies to the CBDC, which is still in development, and explained the differences. She claimed that the new digital currency would be backed by the central bank and included in the country's monetary basis.

Banxico anticipates that the future digital peso will aid in the financial inclusion of more people in the banking sector. In this way, the currency is being built to provide a different way to make payments. According to Rodrguez Ceja, the purpose of this new currency is not to replace the current system but rather to provide additional chances to the underserved.

According to the World Bank, Mexico falls behind other countries regarding financial inclusion, with only 37% of adults having a bank account in 2021. Similarly, only 32% of people have made or received digital payments. Compared to other countries in the region, this puts Mexico at a disadvantage. The digital peso intends to remedy this issue, with commercial banks offering to assist in the currency's creation to achieve its objectives.