Peru's central bank has started work on CBDC

Peru's central bank has started work on CBDC

TJulio Velarde, president of the Central Reserve Bank of Peru (BCRP), spoke about developing a national digital currency (CBDC) in cooperation with the central banks of India, Singapore and Hong Kong. This was reported by La Republica.

According to Velarde, Peru's digital currency is in the early stages of development. He added that CBDC will not be applicable until 10 years from now.

We are not and will not be the first in this industry as we do not have the resources to face the risks, but we do not want to be left behind, Velarde said.

The BCRP chief noted that Peru is following Brazil, Mexico and some European countries in developing CBDCs.

I think the global payment system in eight years' time will be very different from what it is today. Even the financial system will probably be very different, Velarde suggested.

Peru is in the early stages of introducing cryptocurrencies. In October 2021, the country's regulators began developing regulatory requirements to control the industry.

Recall that in September, Chilean Central Bank President Mario Marcel revealed plans to form a team to explore CBDC opportunities.

The central banks of Guatemala and Honduras have also begun to consider integrating national digital currencies

Jack Evans

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