Julio Velarde, the president of Peru’s central bank (BCRP), spoke about developing a national digital currency (CBDC) in cooperation with the central banks of India, Singapore and Hong Kong. La Republica reports this.
According to Velarde, Peru’s digital currency is in an early stage of development. He added that the CBDC will be deployed only in ten years.
“We are not going to be first in this sector, because we do not have resources to counter risks, but we do not want to stay behind,” Velarde said.
The head of the BCRP noted that Peru is following Brazil, Mexico and some European countries in developing a CBDC.
“I think the global payments system will be very different in eight years. Even the financial system will probably be completely different,” Velarde said.
Peru is at an early stage of cryptocurrency adoption. In October 2021, regulators began developing regulatory requirements to oversee the industry.
Earlier in September, Chile’s central bank president Mario Marcel outlined plans to form a team for the study of CBDC possibilities.
The central banks of Guatemala and Honduras have also begun began considering the question of integrating national digital currencies.
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