Mexican central bank delays launch of digital peso

The development of the Mexican digital peso appears to be at a very early stage. If earlier it was assumed that the digital currency of Mexico will appear in 2025, now the date has not been determined.

The local Central Bank announced the development of the Mexican state cryptocurrency at the end of 2021. Initially, the CBDC was supposed to be launched in 2024, but Banxico later postponed the launch to 2025. Now, representatives of the department are not at all sure about the date of a possible launch.

According to local publications, Banxico continues to work on the technological requirements for the development of the digital peso, administrative and legislative regulations.

“After completing this initial phase, we will budget and determine a possible launch date for our CBDC,” the bank said in a statement.

Initially, it was assumed that during the first phase of the project the PagoCel platform would be created. It would allow the use of mobile apps and personal information for digital peso bank transfers. In the second phase, the SPEI interbank payment system would be connected to the state cryptocurrency system. And during the final phase of the project, Mexican citizens without bank accounts would also get access to the CBDC.

Note that, for example, in Turkey, local authorities have already completed the first stage of testing the digital lira.