BCRP clarified that the “digital sun” is not a cryptocurrency issued by the institution

The Central Reserve Bank of Peru warned about the improper use of the name “digital sun ”, which corresponds to a cryptocurrency that circulates in our country. The monetary authority reported that the digital currency is not issued or endorsed by the institution.

He also highlighted that the sol denomination corresponds only to the national currency. “We warn that the digital currency that has been advertised in different media with the denomination ‘Digital Sol’ is not a currency issued or endorsed by the BCRP,” he said in a statement released through its official networks.

“Any use of this denomination for digital currencies issued by third parties affects the powers of the Central Bank and contravenes the legal framework applicable to the issuance of banknotes and coins,” he added. In addition, he pointed out that virtual currencies issued by third parties “do not have the support of the Central Bank, nor are they subject to control and supervision regarding risks associated with price volatility.”

BCRP works on digital currency for future markets

The president of the Central Reserve Bank of Peru, Julio Velarde, during his participation in the Executive CADE 2021, announced that the institution is working on the creation of a cryptocurrency. The digital currency that will have the support of the BCRP is developed in consensus with the central banks of India, Singapore and Hong Kong, among others, and it would be applied only in 10 years.

“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 about a digital currency that is going to be the one that is going to be imposed in the future, “he said.