Central Bank of Chile to study possible CBDC issuance

Chile’s central bank president Mario Marcel said he plans to form a team to study the possibilities of central bank digital currencies (CBDCs).

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In the first quarter of 2022, the group will present a document detailing strategic objectives, development rules and expected outcomes of CBDC deployment.

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The team also plans to develop a medium-term strategy for digital payments in Chile. The project will be led by a member of the central bank’s board, Alberto Naudon.

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According to the Chilean central bank, CBDC development faces challenges such as lending, financial stability and privacy.

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Earlier, HSBC’s chief Noel Quinn expressed support for CBDC. He said that transparency and stability help avoid many of the risks associated with cryptocurrencies and some stablecoins.

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Earlier, the BIS head BIS Benoît Cœuré urged central banks to accelerate CBDC development.

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