Peru Working To Develop CBDC

2021-11-22 17:55:14
Peru Into The Future

Following the increase in countries that are pondering crypto, the Central Bank of Peru reveals plans to develop its own central bank digital currency, or CBDC. According to the president of the Reserve Bank of Peru, Julio Valverde, they are already in the process of creating Peru’s official CDBC.

The goal of Peru is to use the central bank digital currency for improving the payment sector, i.e. its efficiency. Moreover, Mr Valverde states that this will completely change the payment situation. In particular, stating that in 8 years the payment sector will be completely different from what it is today.

During last week’s 59th virtual annual executive summit, Mr Valverde recognized the importance of keeping up with the upcoming digital future. Which many find rather surprising. Considering that Peru has a reputation of a somewhat anti-crypto country.

Furthermore, Valverde states that the country’s CBDC is still in the early stages of the development phase. As such, it clearly puts the program in the same category as the other countries that are pondering similar crypto solutions.

We have been working on a digital currency. We are in a lot of projects with several central banks: with India, Singapore, Hong Kong and with a lot of central banks. Consequently, we are thinking of a digital currency that is going to be the one that will prevail in the future.Julio Valverde | President of Peru's Reserve Bank
Long Way To Go

However, Valverde also states that at this moment, Peru is lacking the resources to fully pursue such venture. In addition to the huge risk of this project, especially when it comes to the already shaky economy of the country. Confirming his believes that this project should not be a priority at this moment.

This certainly puts the small South American country of Peru on the world map. Especially since up till this news, Peru had a reputation as a country that doesn’t have any legal framework for crypto. Nor even aspired to come up with one.

That is why the news that the Central Bank of Peru will develop its CBDC is definitely a ray of hope for the crypto enthusiasts in the country. It only remains to see what will Peru decide. And whether it will follow El Salvador’s legal tender, or China’s CBDC example.

 

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