"It seems like there is a problem, we have to change the plan."
Mexico, which has been aiming to implement a central bank digital currency (CBDC) since last year, may not be able to meet its 2024 launch date as its country's CBDC process is still in its early stages.
It is reported that the central bank of Mexico or better known as Banxico is currently working on the legal, administrative and technological requirements for their CBDC called digital peso.
Earlier in December 2021, the local government plans to introduce CBDC as soon as possible in order to further strengthen Mexico's finances through the new technology that will be used by the entire country.
However, the launch of CBDC before 2024 may not be achieved as this initial phase requires the creation of the PagoCel platform that allows users to make bank transfers through their phone number or personal information.
While the second phase involves the country's financial institutions that issue CBDC security codes to be transferred through the Interbank Electronic Payment System (SPEI), which is a transfer system managed by the central bank.
And the last phase explains that users without bank accounts are able to use the CBDC to promote their financial inclusion*.
*Individuals and businesses have access to useful and affordable financial products and services that meet their needs
It is worth noting that Mexicans are increasingly showing interest in cryptocurrencies, where 40% of companies in their country have applied blockchain and digital assets.
