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BCRP works on digital currency for future markets

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

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During the first day of CADE Executives, the banker recalled that the payment system that we are going to have, between 8 and 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 is going to be imposed in the future ”, he said.

Velarde He 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 involved in doing so, but neither is it seeking to be relegated in the adaptation process.

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

Different from bitcoin

Unlike bitcoin and ethereum, the cryptocurrency that Velarde announced is called Central Bank Digital Currencies (CBDC, translated from English), since they have the support of the central bank of each country.

“Most of the circulating cryptocurrencies in the world have their private origin. The discussion is, can I trust a currency that does not have an institutional backing? Velarde proposes a currency with the support of the BCRP to have it for exchange, either between different countries or in current use locally ”, the lawyer specialized in digital law comments for La República Erick iriarte.

It is worth remembering that the BCRP cryptocurrency – along with other related projects – will not yet be raised due to the prevailing uncertainty.

Iriarte welcomed the placing on the agenda of the commitment to digital solutions, but questions that there is no legal framework or public entities to articulate these policies that, with the pandemic, have come to stay.

Technical profiles for directory

Julio Velarde reiterated the need to elect three technical profiles to form the board of directors of the highest issuing entity from the Congress of the republic. The last time Rafael Rey, José Chlimper and Elmer Cuba were elected.

The head of the BCRP explained that inflation will be one of the most important challenges for the Government “for a good part of next year”, in what he considered an international phenomenon “not so difficult to control.”

“In this case, for inflation, it is not that important. Now his turn is to appoint the directors, if qualified people are appointed. It has to be the ideal and I think that would help a lot, “said Velarde.

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