The president of the Central Reserve Bank of Peru (BCRP), Julio Velarde, revealed that the entity has been working with the International Monetary Fund (IMF) in a pilot project to implement a digital currency In our country. This statement was made during his participation in the 53rd meeting of the World Economic Forum which takes place in Davos, Switzerland.
“We don’t know exactly the formula. We are working with him IMF in a small pilot project, but it is very difficult to know what will happen. It can be similar to digital wallets, but for unbanked people”, said the banker in the panel “Facing fragility: digital currencies of the Central Bank”.
Along these lines, the banker explained that an integration of the digital currency to the national economy will help boost the banking of Peruvians not affiliated with the financial system. Given this, the issuing entity has been carrying out an investigation on said currency, which would make a more efficient payment system.
“We see a centralized digital currency as a solution for the unbanked. If we have a record of all your transactions, it will be easier for them to access the credit. We have seen many fintechs who want access to this information”Velarde expressed from Switzerland.
Regarding how the public and private sectors can contribute in a digital currency central bank, the president of the BCRP commented that “the role of central banks is to regulate standards, but more of the private sector is innovation.”
He also stressed that for the Central Bank it is key to create such standards and thus be able to promote competition.
Source: Larepublica
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