The Mexican central bank digital currency (CBDC), the digital peso, is unlikely to be ready by 2024, as the Mexican government announced in 2021. In a statement, representatives of Banxico, the central bank of Mexico, noted that the development of the coin is still in its early stages and there is no set date for its release yet.
The launch date of the Mexican CBDC is not yet determined
On December 29, 2021, the Mexican government announced the development of its own digital peso via social media, to be launched around 2024. However, this timeline is increasingly unlikely to be met, according to new information coming from Banxico. , the country’s central bank.
According to local sources, the digital currency of the central bank of Mexico (CBDC) is still in its initial stages of development, and the general direction of payment systems and market infrastructures, the division of the bank in charge of its construction, is still determining the requirements for issuance.
Regarding the possible date of issuance of the digital peso, Banxico stated:
The result of this initial phase involves the preparation of a budget that is currently in the process of being determined, and which will in turn allow establishing a probable date on which said CBDC will be available.
In addition, it was announced that more than $500,000 were used for the development of this currency during 2022, allocated from funds provided by Banxico.
Other estimates and release date details
Other estimates for the launch date of the Mexican CBDC have been made by different government officials. In April, the governor of Banxico, Victoria Rodríguez Ceja, stated that the entire development cycle of the institution would take around three years. However, this contradicts the institution’s statements that there is no release date for the digital weight yet.
At the time, Rodríguez Ceja also made a clear distinction between future CBDCs and other cryptocurrencies, stating that they were unsupported assets and that they were not legal tender in the country. The Mexican CBDC is designed to interconnect with the traditional financial system, allowing banks to facilitate the transaction of these tokens through the existing payment system.
Mexico is another country in the long list of nations that are currently researching or already developing their CBDCs. According to the Bank for International Settlements, eight out of ten central banks are currently studying these solutions.
What do you think of the different estimates for the launch of the Mexican CBDC? Tell us in the comment section below.
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