• Mexico’s central bank digital currency (CBDC) is not likely to be ready by the previously stated deadline of 2024.
• The Bank of Mexico and its Deputy Governor Jonathan Heath suggested that the country’s digital peso would go live by 2024.
• The Bank of Mexico’s CBDC is being developed in three stages, with the first stage being the creation of a platform called PagoCel.
The development of a Central Bank Digital Currency (CBDC) in Mexico is likely to be delayed past the previously stated deadline of 2024. This was reported by El Sol de Mexico on January 2nd, after the Bank of Mexico responded to a transparency request with a statement indicating that the budget for the project is still being determined and thus, the exact date of availability is uncertain.
In late 2021, the Bank of Mexico and its deputy governor Jonathan Heath had expressed confidence in the project, suggesting that the country’s digital peso would go live by 2024. Moreover, Bank of Mexico governor Victoria Rodríguez Ceja had also suggested in April 2022 that the CBDC be in circulation by 2025.
The CBDC is being developed in three stages. The first stage will involve the creation of a platform called PagoCel, which will be used for mobile and PIN-based transfers. The second stage will see financial institutions adopt the CBDC. Finally, the third and last stage will enable individuals to use the asset.
The Bank of Mexico is currently in the process of preparing a budget that will allow an estimation of when the CBDC will be available. In the meantime, the Bank of Mexico is encouraging financial institutions to explore and further develop the technology used for the CBDC in order to make the digital peso a reality.
