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The Central Reserve Bank of Peru (BCRP) has issued Circular No. 0011-2024- BCRP, Regulation of Digital Money Innovation Pilots, with the objective of facilitating access to digital payment services for the unbanked population.
Digital payments facilitate the population’s economic transactions. During recent years there has been rapid growth in them. However, this expansion has occurred mainly among the banked population, with a large percentage of the population still not having access to digital payments.
In this context, the Central Bank, like other central banks, has been studying the usefulness of central bank digital money (CBDC), as a tool to promote the use of digital payments by the population that uses Only cash and no internet access.
In this regard, it has been considered to carry out Pilot experiences using digital money from the Central Bank as an innovative solution in the market in a controlled manner. This measure will have the participation of the private sector as a distributor of digital money to the population, which will allow obtaining information and knowledge of safe and efficient mechanisms so that unbanked people can access digital payments.
The Central Bank will determine the specific objectives and characteristics of the Pilots carried out within the framework of the aforementioned Circular, which will be detailed in Annexes to the Regulation. The duration of the Pilots is one calendar year, which may be extended for up to one additional year.
Based on these pilot experiences, the following actions can be carried out, among others:
- Promote innovative models that encourage access and use of digital payments in the unbanked population, using digital money from the Central Bank.
- Evaluate telephone communication solutions where there is no internet to operate digital wallets.
- Test guidelines for authentication, reconciliation of balances and movements, cybersecurity, operational continuity and information security.
- Evaluate user experience and enrollment schemes (including using incentives).
- Analyze the substitution effect between cash and digital money.
- Evaluate the sustainability of the business cases of digital money distribution companies.
- Identify if digital money distribution companies can be a channel to bankize end users.
Written and digital press journalist, graduated from the Federico Villarreal National University (UNFV). Currently, in La República, where he writes about economics, with emphasis on hydrocarbons, mining and social conflict.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
