Mexico has progressed worked on its central bank digital currency (CBDC) and is planning to launch it in stages. However, the first stage of the CBDC rollout is planning to use a mobile payment system struggling to get traction.
“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 said MDBC will be available,” the institution responded in a request for transparency made by El Sol de Mexico.
Plans for a digital currency were first announced in 2021, and at that stage an expected launch of 2024 was mentioned. However, since then Governor Victoria Rodríguez Ceja has taken over at the Bank of Mexico, and in April 2022 she told the Mexican senate to expect a three-year timescale, or 2025.
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