The development of Mexico’s digital peso appears to be in a very early stage. A Mexican digital currency was previously expected to launch in 2025, but no date has now been set.
The development of Mexico’s national cryptocurrency was announced by the local central bank at the end of 2021; the CBDC was originally scheduled to launch in 2024, but Banxico later delayed the launch to 2025.
According to local press reports, Banxico is still working on the technical, administrative, and legal requirements necessary to develop the digital peso.
Once this first phase is complete, we will budget and determine a start date for the CBDC,” the bank said in a statement.
The first phase of the project was originally envisioned to be the creation of the PagoCel platform. It would have allowed the use of mobile apps and personal information for digital bank transfers in pesos. In the second phase, the state cryptocurrency system would be connected to the interbank payment system SPEI. In the final phase, Mexican citizens without bank accounts would be able to access CBDC.
In Turkey, for example, local governments have already completed the first phase of testing the digital lira. All results could not be uploaded. Retry…