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Tuesday, January 31, 2023

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BCRP develops digital currency to adapt to new payment systems

This Tuesday, the president of the Central Reserve Bank of Peru (BCRP), Julio Velarde, announced that they are working on the creation of a digital currency to connect us to the payment system of the future.

“The payment system that we are going to have in 8 to 10 years in the world will be completely different from the current one. 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, thinking of a digital currency that is going to be the one that will prevail in the future.”, He stated during CADE Executives.

The banker emphasized that the Peruvian market will not be the first to access this digital currency because we do not have the resources for that purpose or to face the risks that it entails, but neither is it seeking to be relegated.

Along these lines, he details that Mexico, Brazil and several European countries have been ahead of Peru in developing a digital currency, but we are “at the same level or perhaps more advanced” than economies of a similar size to ours.

It is worth clarifying that this digital currency – denominated Central Bank Digital Currencies (CBDC, translated from English) – differs from cryptocurrencies such as Bitcoin, since they are issued by a central bank and represent a digital representation of fiat money (coming from the State).

Finally, Velarde stressed that this digital currency project – like other related ones that they have been evaluating – “is not the best time to raise it” given the current uncertainty scenario.



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