Mexico’s central bank may say it will set a specific launch date for a CBDC (Central Bank Digital Currency) within the 2024-2025 deadline, but it suggests that the entire timeline for a CBDC is uncertain. The Central Bank of Mexico has reportedly allocated 10.22 million pesos ($532,000) for the creation of the CBDC in fiscal year 2022. The CBDC is being developed in three phases. The first phase will involve the creation of a platform called PagoCel, which will eventually be used for mobile and PIN-based transfers. The second phase will see the adoption of CBDC by financial institutions. In the third and final stage, individuals will be able to use the asset.
Mexico’s CBDC release date may be delayed until 2024
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