The Chilean central bank, which is developing a design for the digital peso, announced the need for the system to operate autonomously. CoinDesk reports, citing a statement by regulator head Rosanna Costa.
According to her, operations on the CBDC platform should be available online and offline. She did not rule out that more effective technologies for this purpose could emerge later.
“The system should allow authorities to track transactions while preserving users’ personal data,” Ms. Costa clarified.
Among the mandatory characteristics of the digital peso, she cited its security, its convertibility with cash, and its use by commercial banks.
She also promised to prepare a policy document within a week, although a final decision on issuing a digital form of the Chilean peso has not yet been taken.
The prospects for a pilot project will be discussed with participation from both public and private sectors toward the end of 2022.
As the BIS notes in a recent survey, nine out of ten world central banks are studying CBDCs. The main driver for regulators’ interest in digital currencies is the improvement of payment-system efficiency.
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