The IMF has been providing central bank digital currency (CBDC) technical assistance (TA) to the Banco Central de Reserva del Perú (BCRP) since 2021. The initial TA mission supported the central bank during the first phase of the project, which involved clarifying the context, key questions, and potential approaches to study a CBDC. The second phase started with the publication of a paper by the central bank. The white paper outlined the context, goals and challenges related to a potential CBDC in Peru. Consistent with recommendations from the first mission, the BCRP recognized the need to focus on an initial engagement with stakeholders, including representatives of the banking sector, payment service providers, and the fintech and technology sector.
Banco Central de Reserva del Perú (BCRP), in collaboration withe the Reserve Bank of India (RBI), signed an agreement with India's National Payments Corporation to implement a retail payments platform in Peru, similar India's Unified Payments Interface (UPI) platform. UPI is a real-time payment platform, available 24/7, that allows users to link multiple bank accounts in their mobile applications and pay through cell phone number, QR codes and virtual payment addresses.
Banco Central de Reserve del Peru (BCRP), with technical assistance from the International Monetary Fund (IMF), is actively investigating the benefits and risks of central bank digital currency (CBDC). Possible benefits include lowering financial inclusion barriers, as well as strengthening monetary and financial stability, and the security and efficiency of payment systems. A survey has been issued to learn the views of the stakeholders, including market agents, on key aspects contained accompanying white paper.
Peru's race to evolve its legal system and adapt to the challenges of a "crypto society" has only just begun. The country's Superior Judge, Bonifacio Meneses Gonzales, has asked Congress to regulate crypto to combat money laundering.
Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru. Pegged to the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap's network, including conversions in other fiat currencies as well as any other digital asset. Called the "digital sol," the stablecoin is said to be 100% backed by local fiat currency and is available on the Stellar network to be integrated into any platform, and exchangeable against several foreign currencies, including Argentine peso, Brazilian real, US dollars and the euro.
The Banco Central de Reserva del Perú is reportedly working with the central banks of India, Singapore and Hong Kong in developing a central bank digital currency (CBDC).
Cached