Peru’s Central Financial institution Is Creating a CBDC

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The Central Bank of Peru (BCRP) is developing a central bank digital currency (CBDC), BCRP President Julio Velarde said on Tuesday.

  • “We were working on a digital currency,” Velarde said at an online business forum in Peru. “We are involved in many projects with several central banks.”
  • The initiative follows a number of similar efforts across Latin America and beyond. Velarde, who said the central banks of India and Singapore were partners in the project, was optimistic about the future of the CBDCs.
  • “We won’t be first because we don’t have the resources to be first or to face the risks. But we don’t want to be left behind, ”Velarde said of the possible issue of a CBDC.
  • Velarde said that while Peru works with countries of similar size, Peru is following Brazil, Mexico and several European nations in developing a CBDC.
  • The BCRP is working on changes to its payment system but has not released any details. “I think the payment system that we will have in the world in eight years will be completely different from the current one,” he said. “The financial system will also look very different.”

Read more: Stablecoin pegged to Peru’s currency launches on Stellar

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