is an additional element that must be carefully taken into consideration to evaluate whether the adoption of cbdcs, in any of its plausible variants, is recommendable as the next iteration of official fiat money : would there be a relevant contribution of cbdcs to the existing payment infrastructure? in other words, is there a business case for a particular central bank to embark on this endeavor? clearly, the answer to this question will depend crucially on the defining characteristics of the economy, according to results recently reported by the bank for international settlements, only about 25 % of the central banks surveyed are ( or will soon be ) legally allowed to issue cbdcs. see barontini, christian and henry holden ( 2019 ) : “ proceeding with caution – a survey on central bank digital currency ”, bis papers no. 101, january. see, for instance, ecb crypto - assets task force ( 2019 ) : “ crypto - assets : implications for financial stability, monetary policy, and payments and market infrastructures ”, european central bank occasional paper no. 223, may. especially the level of development and other key features of the corresponding payment systems. in mexico ’ s case, electronic inter - bank payments are nowadays mainstream amongst significant segments of the population thanks in large to the success of spei, banco de mexico ’ s flagship system launched in 2004, as it allows users to transfer funds in a safe, cost - effective and nearly - instant manner, on a 24 / 7 basis. spei represents today the most important element of the financial market infrastructure in the country, in view of the volume and value of the transactions it executes, both at the retail level and between financial institutions, firms and the government, as well as its importance for other components of the overall system. 9 one recent overhaul that is worth noting is the forthcoming launch of codi, a new request - to - pay functionality for electronic payments currently in a pilot stage, developed by the banco de mexico to allow for cashless retail transactions via mobile devices. as it runs on spei ’ s infrastructure, payments through codi will be safe, quick and available at all times, with the added benefit of being free of any charge or fee. in addition, it is expected that codi will foster competition in the financial sector, increase financial inclusion and contribute to the combat of illicit transactions. codi is scheduled to be fully operational by the last quarter of this year. the number of electronic transfers amongst final users via

policy includes a transmission channel that tends to amplify risks adopted by investors. 3 a second determinant of capital inflows is lower global risk aversion. however, since at least 2009, it is possible that higher global risk tolerance has depended, to a certain degree, on the monetary policy stances and perspectives in advanced nations. thus, for example, the beginnings of the most noteworthy drops in the average spreads of internationally traded emerging - market bonds included in jp morgan´s embi + index appear to coincide with the announcements of various stages of the quantitative monetary easing in the united states. the same studies confirm that a third predictor of capital inflows are the individual characteristics of emerging economies, something that should be expected given the international differences in the intensity and composition of these flows. idiosyncratic factors include the economic growth outlook, the openness of capital accounts, the foreign exchange regime, macroeconomic fundamentals, “ country risk, ” and the financing needs of the emerging - market countries themselves. 4 for a discussion of these risks, see the minutes of the federal open market committee ( fomc ) of the federal reserve of march 19 – 20, 2013. see iif ( 2013 ), “ capital flows to emerging market economies, ” iif research note, january ; and banco de mexico ( 2013 ), inflation report : january – march 2013, p. 27. a lower funding cost in foreign currency allows domestic banks to increase lending, which, together with other foreign investment, tends to cause the local currency to appreciate and dampens real volatility, making lending appear to be less risky and, in turn, promoting greater risk - taking. see bruno, v. and h. s. shin ( 2012 ), “ capital flows and the risk - taking channel of monetary policy, ” bis working papers. two empirical analyses of the factors that explain capital flows, including monetary policy, are ghosh, a. r., et al. ( 2012 ), “ surges, ” imf working paper, wp / 12 / 22, january ; and fratzscher, m. ( 2011 ), “ capital flows, push versus pull factors and the global financial crisis, ” ecb working paper series, no. 1364, july. bis central bankers ’ speeches concerns and risks from capital flows in principle, capital inflows should be viewed as positive since they allow emerging economies to complement their sources of funding for economic activity,