Mexico CBDC likely delayed beyond 2024

Mexico’s cardinal slope integer currency (CBDC) volition astir apt not beryllium acceptable by 2024 arsenic antecedently projected, according to section media connected Jan. 2.

News institution El Sol de Mexico contacted the Bank of Mexico with a transparency petition connected the presumption of the CBDC. The cardinal slope responded:

The effect of this archetypal signifier entails the mentation of a fund that is presently being determined, and will, successful turn, let establishing of a probable day connected which said CBDC volition beryllium available.

In late 2021, the Bank of Mexico and its lawman politician Jonathan Heath suggested that the country’s integer peso would spell unrecorded by 2024.

Additionally, Bank of Mexico politician Victoria Rodríguez Ceja suggested successful April 2022 that the CBDC beryllium successful circulation by 2025.

Last week’s connection suggests otherwise. Though it is imaginable that the Bank of Mexico meant that it is establishing a circumstantial motorboat day wrong the 2024-2025 deadline, the discourse powerfully suggests that the CBDC’s full timeline is uncertain.

The Bank of Mexico’s CBDC is being developed successful 3 stages. The archetypal signifier volition impact the instauration of a level called PagoCel, which volition yet beryllium utilized for mobile and PIN-based transfers. The 2nd signifier volition spot fiscal institutions follow the CBDC. In the 3rd and last stage, individuals volition beryllium capable to usage the asset.

Last week’s connection from the Bank of Mexico suggests that the task has not moved past the archetypal budgeting stage. The slope besides stated that 10.22 cardinal pesos ($532,000) were allocated to the CBDC’s instauration during the 2022 fiscal year.

Like each different cardinal slope integer currencies, Mexico’s CBDC volition beryllium a integer plus that matches the worth of the section fiat currency — successful this case, the Mexican peso.

Mexico’s CBDC volition reportedly not beryllium built connected blockchain technology. It will, however, beryllium aimed astatine “unbanked” individuals without regular entree to a slope account.

The station Mexico CBDC apt delayed beyond 2024 appeared archetypal connected CryptoSlate.