Mexico’s digital peso delayed, launch date unclear

More than a year after its announcement, Mexico’s proposed Central Bank Digital Currency (CBDC) is still in its early stages and unlikely to meet its 2024 launch date.

according to Mexico’s central bank, known as Bansico, is working on legal, administrative and technical requirements for a digital version of the peso, according to local media reports.

In December 2021, the local government announced plans to introduce a national digital currency, noting in a tweet that “new technology and next-generation payment infrastructure” would improve financial inclusion in Mexico. That tweet mentioned his 2024 launch a year later, but officials have avoided predicting a launch date.

“The results of this early stage, along with the preparation of the budget now determined, will [CDBC] will be available,” the central bank said.

Related: Why Crypto Money Transfer Companies Are Flocking To Mexico

Initial plans included creating a PagoCel platform that would allow users to make bank transfers using their mobile phone number or personal information. The second phase will involve the country’s financial institutions to issue security codes for the transfer of digital currency through the Interbank Electronic Payment System (SPEI), which is owned and operated by the central bank.

The final phase of the project will enable unbanked participants to use digital currencies, promoting financial inclusion.

Interest in cryptocurrencies in Mexico is gaining momentum in 2021, with 40% of companies in the country interested in adopting blockchain and cryptocurrencies. according to to Triple A’s cryptographic ownership data.

According to Cointelegraph, growing interest in Bitcoin in Mexico has led to the installation of a Bitcoin ATM in the Senate building, which has won the support of several lawmakers and cryptocurrency enthusiasts. According to World Bank statistics, Mexico is the second largest recipient of remittances in the world, with remittances from July 2021 to July 2022 hitting a record high of her $5.3 billion.