Mexico's central bank digital currency (CBDC) development is still in an initial phase, and it is unlikely to be ready for launch by 2024.
According to local media reports, Mexico's central bank, known as Banxico, is currently working on legal, administrative, and technological requirements for the peso's digital version. The first of three stages for the proposed launch timeline.
"The result of this initial phase entails the preparation of a budget that is currently being determined, and will in turn allow establishing a probable date on which the MDBC [CDBC] will be available," stated the central bank of Mexico.
The original plan included in the first stage the creation of the PagoCel platform, allowing users to make bank transfers using their mobile numbers or personal information. A second phase will involve the country's financial institutions, who will issue a security code for digital currencies to be transferred through the Interbank Electronic Payment System (SPEI), a transfer system owned and operated by the central bank.
A final stage of the project will allow participants without bank accounts to use the digital currency, thereby helping the country's financial inclusion.Mexico's interest in cryptocurrency picked up momentum in 2021, when 40% of the firms in the country were interested in adopting blockchain and cryptocurrency, according to Triple A's crypto ownership data.
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