More than a year after its announcement, Mexico’s central bank proposed digital currency (CBDC) is still in the early phase and unlikely to meet its 2024 launch date.

According to local media reports, Mexico’s central bank, known as Banxico, is working on the legal, administrative and technological requirements for the digital version of the peso.

In December 2021, the local government announced its plan to introduce a national digital currency, noting in a tweet that “new technologies and next-generation payment infrastructure” would enhance Mexico’s financial inclusion. While that tweet mentioned a 2024 release, a year later, authorities avoid predicting a release date.

“The result of this initial stage implies the elaboration of a budget that is currently in the process of being determined, and which will, in turn, allow establishing a probable date on which the MDBC [CDBC] it will be available,” the central bank said.

Related: Why are crypto remittance companies flocking to Mexico?

The original plan included in its first stage the creation of the PagoCel platform, which would allow users to make bank transfers using their mobile numbers or personal information. A second phase would involve the country’s financial institutions, which will issue a security code for digital currencies to be transferred through the Interbank Electronic Payment System (SPEI), a transfer system owned and operated by the central bank.

A final stage of the project would allow participants without bank accounts to use the digital currency, promoting their financial inclusion.

Mexico’s interest in cryptocurrency gained momentum in 2021, when 40% of companies in the country were interested in adopting blockchain and cryptocurrencies, according to Triple A cryptocurrency ownership data.

Growing interest in Bitcoin in Mexico has led to the installation of a Bitcoin ATM in its Senate building, with the support of various legislators and cryptocurrency enthusiasts, Cointelegraph reported. Mexico is the second largest recipient of remittances in the world, with transfers reaching a record $5.3 billion between July 2021 and July 2022, according to World Bank statistics.

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