The central bank of Peru is developing a CBDC

The Central Reserve Bank of Peru is developing a central bank digital currency (CBDC), BCRP President Julio Velarde explained on Tuesday. “We worked on a digital currency,” Velarde said in an online business forum in Peru. "We are involved in many projects with various central banks."

The initiative follows a series of similar efforts across Latin America and beyond. Velarde, who said central banks of India and Singapore are partners in the project, is optimistic about the future of CBDCs.

“We won't be first because we don't have the resources to be first or to take risks. But we don't want to be left behind, ”Velarde said of the potential issue of a CBDC.

Velarde said that while the country aligns itself with countries of similar size, Peru still follows Brazil, Mexico and several European nations in developing a CBDC.

BCRP is working on changes to its payment system, but has not disclosed any details. "I think the payment system that we will have in eight years in the world will be completely different from the current one," he said. "The financial system is also likely to be very different."

by Alessandro Crea

Thursday 18 November 2021 11:00

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