Mexico's CBDC
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.
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