Mexican CBDC is expected to be ready by 2024 - Economics
Mexican CBDC is expected to be ready by 2024 - Economics
The digital currency of the Mexican Central Bank (CBDC), the digital peso, will probably not be completed by 2024, as announced by the Mexican government in 2021. In a statement, representatives of Banxico, the central bank of Mexico, explained that the development of the currency was still in the beginning and there is still no date for their introduction.
Start date of the Mexican CBDC has not yet been determined
on December 29, 2021 The Mexican government announced the development of its own digital peso on social media, which is to be introduced around 2024. However, according to new information from Banxico, the country's central bank, this schedule is becoming increasingly unlikely.
According to local sources, the digital currency of the Mexican central bank (CBDC) is still in the beginning of its development, whereby the general directorate for payment systems and market infrastructures, which is still commissioned by the bank, still set the requirements for this.
on the possible edition day of the digital pesos, banxico specified :
The result of this first phase is the creation of a budget that is currently being determined and which in turn will enable the determination of a expected date to be available on which the CBDC will be available.
In addition, it was announced that in 2022 more than $ 500,000 were used to develop this currency, which were provided by the means provided by Banxico.
Other estimates and details on the introductory date
other estimates for the start date of the Mexican CBDC were made by various government officials. In April the governor of Banxico, Victoria Rodríguez Ceja, specified that the entire development cycle of the institution would take about three years. However, this contradicts the statements of the institution that there is still no starting date for the digital peso.
At that time, Rodriguez Ceja also made a clear distinction between the future CBDC and other cryptocurrencies and explained that it was not supported assets and no legal means of payment in the country. The Mexican CBDC is designed in such a way that it can be connected to the traditional financial system so that banks can facilitate the transaction of these tokens via the existing payment system.Mexico is another country on the long list of nations that are currently examining or already developing their CBDCs. According to the bank for international payment compensation, eight out of ten central banks are currently examining these solutions.
What do you think of the different estimates for the start of the Mexican CBDC? Tell us in the comment area below.
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