• The Mexican government announced in 2021 that the digital peso would launch circa 2024, however Banxico, the Central Bank of Mexico, now states that this timeline is becoming more and more unlikely.
• Banxico has stated that the development of the currency is still in its initial stages, with the general directorate of payment systems and market infrastructures still determining the requirements for its issuance.
• In April, the Governor of Banxico, Victoria Rodríguez Ceja, stated that the whole development cycle would take the institution around three years, however this timeline is also unlikely to be met.
The Mexican government made a bold announcement back in 2021, when it stated that the digital peso, the country’s own central bank digital currency (CBDC), would be launched circa 2024. This announcement created a lot of interest and speculation in the financial world, with many believing this to be a sign of Mexico’s commitment to the development of cryptocurrency and blockchain technology.
However, the timeline of the digital peso’s launch is becoming increasingly unlikely to be met. Banxico, the Central Bank of Mexico, has stated that the development of the currency is still in its initial stages, with the general directorate of payment systems and market infrastructures still determining the requirements for its issuance. Furthermore, more than $500,000 has been allocated from funds provided by Banxico for the development of the currency during 2022.
In April, the Governor of Banxico, Victoria Rodríguez Ceja, stated that the whole development cycle would take the institution around three years. However, given the current state of the project, this timeline is also becoming increasingly unlikely to be met. Additionally, there is still no date set for the launch of the digital peso, and the outcome of the initial phase of the project, which entails the preparation of a budget, will decide the probable date of issuance.
The development of the digital peso has been seen as a positive step by many in the financial world, as it would provide a new avenue for Mexican citizens to transact digitally, as well as create new opportunities for businesses and entrepreneurs. However, the exact timeline of the project is still uncertain, and only further updates and information from Banxico will be able to provide clarity on the situation.