Media: Peru is preparing to develop a national cryptocurrency

The test project is carried out in cooperation with the central banks of the three countries

23.11.2021 - 09:10

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What’s new? The Peruvian media has published news about the details of the development of its own central bank digital currency (CBDC) by Peru's central bank. The project is being facilitated by regulators in Singapore, India, and Hong Kong.

News source on the La Republica website

What is known about Peru's CBDC? Currently, the country is not going to be a leader in the industry and legalize certain cryptocurrencies, as El Salvador has done with bitcoin. Officials stress that they will follow the fairway of larger countries. According to Julio Velarde, the head of the Central Bank of Peru, the launch of the CBDC may not happen until 10 years from now. Until then, the Central Reserve Bank will study all the benefits and risks of this type of asset.

“We are not going to and will not be the first in this industry, because we don't have the resources to be first and face those risks, but we don't want to be left behind,” the head of the department commented on the work on the CBDC.

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