3 months ago 1 min read

Before 2024, Mexican CBDC Won't be Ready to Purchased


As the Mexican government stated in 2021, it is improbable that the digital peso, the central bank's digital currency, will be used by 2024.

The development of the currency is still in its early stages, and there is no set timeline for its debut, according to Banxico, Mexico's central bank, in a statement.

On December 29, 2021, the Mexican government announced via social media the creation of its own digital currency, the Mexican CBDC, with a launch date of 2024. However, according to recent data from Banxico, the nation's central bank, it is looking less and less probable that this deadline will be met.

Local sources claim that the Mexican CBDC is still in its early stages and that the rules for its issuance are still being established by the general directorate of payment systems and market infrastructures, the bank division charged with its creation.

Regarding the potential release date of the digital peso, Banxico stated: "The consequence of this initial step means the establishment of a budget that is currently being established, and will in turn allow specifying a probable date on which this CBDC will be available."

The launch date of the Mexican CBDC has received a variety of estimations from government representatives. Additionally, it was disclosed that Banxico supplied funds for the development of this currency, totaling more than $500,000. In April, Banxico's governor, Victoria Rodrguez Ceja, asserted that the institution would require three years to complete its whole growth cycle. This, however, runs counter to the institution's assertions that the digital peso's launch date is still unknown.

At the time, Rodriguez Ceja also made a point to distinguish the potential CBDC from other cryptocurrencies, asserting that they were unsupported assets and not recognized as legal tender in the nation. Banks will be able to facilitate the exchange of these tokens via the current payment system thanks to the Mexican CBDC's planned integration with the established financial system.

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