Mexico’s central financial institution digital forex, often known as the digital peso, is unlikely to be prepared for launch by the beforehand introduced date of 2024. In a press release, the central financial institution of Mexico, Banxico, said that the event of the forex continues to be in its preliminary phases and no launch date has been set.

The announcement comes as Banxico’s normal directorate of fee programs and market infrastructures, the division accountable for the development of the digital peso, determines the necessities for its issuance. Banxico has allotted over $500,000 for the event of the forex in 2022 from its personal funds.

In April, the governor of Banxico, Victoria Rodriguez Ceja, estimated that the event cycle for the digital peso would take round three years. Nonetheless, this estimate conflicts with the newer assertion from the central financial institution indicating {that a} launch date has not but been decided.

Rodriguez Ceja additionally emphasised that the digital peso can be distinct from different cryptocurrencies, which aren’t thought-about authorized tender in Mexico. The central financial institution’s digital forex is meant to be related to the standard monetary system, permitting banks to facilitate the transaction of those tokens by means of present fee programs.

Mexico is considered one of many international locations presently exploring or growing their very own central financial institution digital currencies. Based on the Financial institution of Worldwide Settlements, eight out of ten central banks are presently finding out these options.