Xiaomi release updates and
bug fixes to their phones on a weekly basis, and although the
current version of
MIUI V5 boasts most features found in
Android 4.2, it is actually based on Android 4.1.1. This isn’t likely to change either as Xiaomi have stated their efforts will go in to the next Android release.
However if you happen to be the owner of the original
Xiaomi M1 or the updated M1s and
M1 Youth you can get
Android 4.2.2 on your phone right now with the release of CyanongenMod CM10.1.
The
ROM isn’t without it’s issues though as tethering is not available. If you do want to give it a go though you can download it from here.