Mexican CBDC Unlikely to Be Ready by 2024 – Economics Bitcoin News
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The Central Bank of Mexico’s digital currency (CBDC), the digital peso, is unlikely to be ready by 2024, as the Mexican government announced in 2021. Representatives of the Central Bank of Mexico, Banxico, said in a statement that the development of the currency was still in the early stages and no date has yet been set for its introduction.
The release date of Mexico’s CBDC has not yet been determined
On December 29, 2021, the Mexican government announced that it would be developing its own digital peso via social media, which would be launched around 2024. However, according to new information from Banxico, that timeline is becoming increasingly unlikely. , the country’s central bank.
According to local sources, the Central Bank of Mexico’s digital currency (CBDC) is still in its early stages and is being built by the bank’s General Department of Payment Systems and Market Infrastructures, which is still defining its requirements. issuance.
Banxico announced the possible release date of the digital peso:
The result of this initial phase will require the preparation of a budget that is currently being defined, and will in turn allow the determination of a probable date when said CBDC will be available.
It was also revealed that more than $500,000 was spent on the development of this currency in 2022 from funds provided by Banxico.
Other release date estimates and information
Different government officials have made other estimates of the launch date for Mexico’s CBDC. In April, Banxico Governor Victoria Rodríguez Ceja stated that the entire development cycle will take about three years for the facility. However, this contradicts the body’s statements that there is still no launch date for the digital peso.
At the time, Rodriguez Ceja also made a clear distinction between the upcoming CBDC and other cryptocurrencies, stating that they were unbacked assets and not legal tender in the country. Mexico’s CBDC is designed to integrate with the traditional financial system, allowing banks to facilitate the transaction of these tokens through an already existing payment system.
Mexico is another country in a long list of countries currently exploring or already developing their CBDCs. According to the Bank for International Settlements, eight out of ten central banks are currently investigating these solutions.
What do you think about the various reviews of the launch of Mexico’s CBDC? Let us know in the comments section below.
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