It appears unlikely that the Mexican digital peso (central bank digital currency, CBDC) will be launched by 2024. Mexican Government revealed in 2021 that Representatives of Banxico, the central bank of Mexico, have made it clear that the coin’s development is still in its initial stages with no definite launch date.
No Confirmed Release Date for Mexican CBDC
On December 29, 2021, the Mexican Government announced via social media that their digital peso would be released in 2024. However, according to recent information, this timeline is looking increasingly unlikely. Banxico, the central bank of the country, has declared that the development of the CBDC is still in its early stages.
When asked about a potential launch date for the digital peso, Banxico stated:
The first step is to formulate a Budget, which is in the process of being created. This budget will then allow for a possible date to be determined for when the CBDC will be made available.
Furthermore, it was revealed that over $500,000 was allocated to the development of the currency in 2022. This money was donated by Banxico.
Other Estimates and Predictions
Various Mexican government officials have given different estimates for the launch date of the CBDC. In April, Victoria Rodríguez Ceja, the governor of Banxico, claimed that the entire development cycle would take approximately three years. However, this conflicts with the statements made by the institution that the digital peso is not yet available.
Additionally, Rodríguez Ceja made it clear that the CBDC would be distinct from other cryptocurrencies, declaring them as unsupported assets and not legal tender in the country. The Mexican CBDC is intended to be connected to the traditional financial system, allowing banks to facilitate the transfer of these tokens through the existing payment system.
Mexico is one of the numerous countries that are researching or creating their own CBDCs. According to the Bank For International Settlements, 8 out of 10 central banks are currently looking into these solutions.
What do you think about the various estimates for the launch of the Mexican CBDC? Let us know in the comments section below.
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