TechFlow news, according to Cryptoslate, Mexico's central bank digital currency (CBDC) may not be ready in 2024 as previously expected. The country's central bank stated that its CBDC is still in the initial phase and a specific launch date for the CBDC might be set within the 2024 to 2025 timeframe, but emphasized that the entire timeline remains uncertain.
It was reported that Mexico's central bank allocated 10.22 million pesos ($532,000) in the 2022 fiscal year for the creation of the CBDC. The CBDC will be developed in three phases. The first phase will involve creating a platform called PagoCel, which will eventually be used for mobile and PIN-based transfers. The second phase will see financial institutions adopting the CBDC. In the third and final phase, individuals will be able to use the asset.
Previously, in December 2021, it was reported that Mexico's central bank planned to issue the CBDC before 2024.Original link
