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Friday, January 27, 2023

Digital Peso Pegged Back

Mexico’s central bank has delayed the launch of its digital Peso currency. And it is unclear when the project will be ready for a full roll-out. According to the local newspaper El Financiero, the new electronic legal tender (eMLC) was supposed to be launched in 2023.

But the Bank of Mexico (Banxico) has not issued any specific information about this project – other than it is underway. Banxico has confirmed that it has been studying a digital currency since at least 2019, and will publish a technical report on this subject later in the year.

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“The central bank will make itself heard,” said Manuel Ramos Francia, head of Banxico’s innovation department. He also said there was no guarantee that the central bank would eventually decide to launch a digital currency, reports El Financiero.

Digital Peso Release Gets Delayed

“I think there are certain things that we would like to know about the eMLC that we do not know yet”, said Ramon Castellanos, director of the Mexican Association for Financial Innovation and Inclusion (AMEFIP).

The central bank has said it will not be ready to launch the digital Peso until at least 2020, according to local media reports.

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The Bank of Mexico (Banxico) had previously said that the project would be rolled out for testing this year and fully operational by 2023.

However, in an interview with local media outlet El Financiero published on Thursday, Banxico Governor Alejandro Diaz de Leon revealed that the process is facing delays due to a lack of resources and staff capable of developing such a complex project.

“We cannot do it alone,” he told El Financiero during his visit to Mexico City’s National Autonomous University (UNAM). “We need other institutions.”

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