Mexico’s proposed central bank digital currency (CBDC) is believed to still be at a preliminary stage and is not expected to be unveiled in 2024, as reported by Cointelegraph.
According to Cointelegraph, Banxico, the Mexican central bank, is working on legal, administrative and technological necessities for peso’s digital form. In December, 2021, the local government disclosed its aim for introduction of a national digital currency, mentioning in the tweet that the “new technologies and next-generation payment infrastructure” would better Mexico’s financial inclusion.
“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,” Banxico stated.
On the basis of information by Cointelegraph, the original plan in its initial stage included the creation of the PagoCel platform, to permit users to make bank transfers through mobile numbers or personal data. Reportedly, a second phase would include the country’s financial institutions, which will ensure issuance of digital currencies to be transferred through the Interbank Electronic Payment System (SPEI). Furthermore, a final stage of the project would permit participants without bank accounts to utilise the digital currency.
Moreover, Cointelegraph noted that Mexico’s interest towards cryptocurrency reportedly increased in 2021, when 40% of the country’s firms were interested in cryptocurrency and blockchain adoption, insights from Triple A’s crypto ownership data highlighted.
(With insights from Cointelegraph)