(The Last American Vagabond) On Wednesday, the Mexican government inched closer to passing a law that would begin the process of phasing out cash payments and requiring digital payments.

The "Digital Economy Law" was first introduced by President Claudia Sheinbaum in early September and has since moved rapidly through official commissions and the Chamber of Deputies. Most recently, on October 14, the bill passed out of two Senate commissions and now awaits a full Senate vote in the coming weeks.

The bill is part of an ongoing effort by the Sheinbaum government and the Morena party to expand the digitization of Mexico's economy. It instructs Mexico's Ministry of Finance and Public Credit (SHCP) to designate which business sectors will eventually only accept digital and electronic forms of payment.

While Mexico already has existing digital infrastructure, such as the SPEI (Sistema de Pagos Electrónicos Interbancarios) and the CoDi and DiMo networks, the public's embrace of these systems has been slow. The Digital Economy Law is aimed at increasing the use of such digital payment platforms.