Although it has been slightly delayed, its central bank is working on all its aspects for an early launch.
Mexico has been intensively involved in developing and launching its central bank digital currency (CBDC) with renewed efforts for an early launch. It suffered a slight hiccup as the digital peso was scheduled to be launched in 2024, but that deadline is likely to be met later. The central bank of Mexico, Banxico, is working on all aspects of the CBDC, including administrative, technological and legal requirements.
The government of Mexico published a tweet in 2021 stating that Banxico would be implementing the circulation of its digital currency, considering the importance of
the latest payment infrastructures. The launch date was predicted as 2024, but it would probably be postponed. The Mexican central bank said, “The result of this initial phase entails the preparation of a budget that is currently being determined, and will in turn allow establishing a probable date on which the MDBC [CDBC] will be available.”
The crypto industry has praised Mexico’s efforts in promoting blockchain and crypto. The country also scores high in the popularity of crypto among its people and companies. They have also promoted the installation of Bitcoin ATMs. The original plan of the digital peso is a well-laid-out plan, with three stages involving the formation of a PagoCel platform for bank transfers using mobile phones, a second stage with Mexico’s financial institutions, and a final stage for financial inclusion using the digital currency. The launch of the digital peso is expected to bring in a sea change in the country’s adoption of crypto and blockchain in daily financial tasks.