Central Bank Of Peru Is Developing A Central Bank Digital Currency
The Central Reserve Bank of Peru (BCRP) is developing a central bank digital currency (CBDC), said the BCRP President Julio Velarde on Tuesday, 16 November.
“We have been working on a digital currency. We are involved in a lot of projects with several central banks.”
The initiative follows a range of similar efforts all over the world. Velarde, who said the central banks of India and Singapore are partners in the project, was optimistic about the future of CBDCs.
Velarde commented about the potential issuance of a CBDC:
“We are not going to be the first because we do not have the resources to be the first or to face the risks. But we do not want to be left behind.”
According to Velarde, while the country aligns with similarly sized countries, Peru still follows Brazil, Mexico and several European nations in developing a CBDC.
The BCRP is working on changes to its payments system but did not disclose details. Velarde said:
“I think the payment system we are going to have eight years from now in the world is going to be completely different from the current one. Even the financial system will probably be quite different.”
