The bank responsible for the CBDC’s creation, is still working out the kinks.
More than $500,000 of Banxico money were utilized to develop this currency.
As of December 29th, 2021, the Mexican government has declared through social media that they will be creating their own digital peso, to be released in 2024. Recent reports from Banxico, Mexico’s central bank, suggest that this schedule is becoming unrealistic.
Reports from the ground indicate that the general directorate of payment systems and market infrastructures, the branch of the bank responsible for the CBDC’s creation, is still working out the kinks in the system before it can begin issuing the currency.
Banxico issued a statement on the potential release date of the digital peso, saying:
“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 CBDC will be available.”
Own Predictions on Introduction
In addition, it was revealed that in 2022, more than $500,000 of Banxico money was utilized to develop this currency. A number of government officials in Mexico have issued their own predictions on when the CBDC will be introduced.
Banxico Governor Victoria Rodriguez Ceja estimated in April that the whole development cycle would take the bank around three years. But the organization has been saying there is no launch date for the digital peso, so this seems to be at odds with what they’ve been saying.
Moreover, Rodriguez Ceja made a sharp contrast between the future CBDC and other cryptocurrencies by declaring that the latter were unsupported assets and not legal cash in the nation. The CBDC in Mexico is intended to work in tandem with the country’s existing banking infrastructure, so that tokens may be exchanged via conventional banking channels.