from Mexico central bank digital currency (CBDC) development is still in an early phase and is unlikely to be ready for a 2024 release.
According to According to local media reports, Mexico's central bank, known as Banxico, is currently working on the legal, administrative, and technological requirements for the digital version of the peso. The first of three stages of the proposed release schedule.
In December 2021, the local government announced its plan to introduce a national digital currencynoting in a Twitter post that "new technologies and next-generation payments infrastructure" would improve Mexico's financial inclusion and project a 2024 launch. A year later, authorities reportedly avoid predicting a launch date.
"The result of this initial stage implies the elaboration of a budget that is currently in the process of determination, and that will allow, in turn, to establish a probable date on which the MDBC [CDBC] will be available," said Mexico's central bank.
Related: Why are crypto remittance companies flocking to Mexico?
The original plan included in a first stage the creation of the PagoCel platform, which would allow users to make bank transfers using their mobile numbers or personal information. A second phase will involve the country's financial institutions, who will issue a security code for digital currencies to be transferred through the Interbank Electronic Payment System (SPEI), a transfer system owned and operated by the central bank.
A final stage of the project will allow participants without bank accounts to use the digital currency, thus helping the country's financial inclusion.
Mexico's interest in cryptocurrencies gained momentum in 2021, when 40% of companies in the country were interested in adopting blockchain and cryptocurrencies. according to to Triple A's cryptographic proprietary data.
The growing interest in Bitcoin in Mexico has led to the installation of a Bitcoin ATM in his Senate building, with the support of various lawmakers and cryptocurrency enthusiasts, Cointelegraph reported. Mexico is the second largest recipient of remittances in the world, with transfers reaching a record $5.3 billion between July 2021 and July 2022, according to World Bank statistics.
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