Mexico Puts Off Launch of its National Digital Currency

The Central bank of Mexico, Banxico, has said that the development of the country’s CBDC is still in the initial phase and unlikely to meet its 2024 launch date. 

According to sources, the regulator is still working on legal, administrative and technological requirements for the digital version of the peso, the official currency in the country.

The local government at the end of 2021 it planned to launch a national digital currency and noted that the “new technologies and next-generation payment infrastructure” would improve Mexico’s financial inclusion.

The central bank has 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 will be available.”