Cryptocurrency Development The central bank of Mexico (CBDC) is still in its infancy. And it’s unlikely to be ready to launch in time by 2024.
followlocal media reports Mexico’s central bank, known as Banxico, is working on legal, administrative and technological requirements for a digital version of the peso.
In December 2021, the local government announced plans to launch a national digital currency. It stated in a Twitter post that “this is a new technology and next-generation payment infrastructure” that will improve Mexico’s financial accessibility opportunities. And the launch is expected in 2024, but a year later. The authorities reportedly refrained from specifying a launch date.
“The results of this initial phase have led to preparations for the upcoming budget. and will allow possible date determinations where MDBC [CDBC] will be available,” the Mexican central bank said.
The original plan, the first step, was to create a PagoCel platform that would allow users to make bank transfers using their mobile phone numbers or personal information. The second phase involves the country’s financial institution, which will issue security codes for digital currencies to be transferred through the interbank electronic payment system (SPEI), a central bank owned and operated money transfer system.
final stage of the project It will allow participants without bank accounts to use cryptocurrencies. This will help increase access to the country’s finances.
Mexico’s interest in cryptocurrencies has skyrocketed in 2021 when 40% of companies in the country are interested in using blockchain and cryptocurrencies.followTriple A Cryptocurrency Ownership Information
The post Mexico’s “Digital Peso” Possibly Delayed and Launch in 2024 appeared first on Bitcoin Addict.