Central Bank of Peru launched first CBDC pilot project
Through a partnership between the Central Reserve Bank of Peru and local telecommunications operator Viettel Perú, the South American country launched its first CBDC project
A strategic partnership between the Central Reserve Bank of Peru and telecommunications company Viettel Perú, the South American country has launched its first CBDC pilot project.
The BCRP did not release details about this project. However, it is known that the Vietnamese telecommunications company Viettel Group began operations in the nation in 2014.
The partnership between both organizations will allow Peru to advance on the path towards the digitalization of payments to improve efficiency and reduce costs. Likewise, the way is paved for “financial inclusion,” taking into account that the most recent data indicates that “only half of Peruvians had access to formal financial accounts.”
Given this situation, it is noted that “Peru depends largely on cash. According to the International Monetary Fund (IMF), high costs and insufficient digital infrastructure remain vital impediments.”
The IMF estimates that a CBDC would help eliminate barriers in the digital payments sector. In any case, the country would be forced to establish “some critical considerations, such as offering the digital solution through USSD, since a large part of the population does not own a smartphone,” in addition to “decoupling the CBDC from the banking system, since the people who need it most do not have bank accounts.”
M.Pino
Source: cripto247
(Reference image source: Unsplash+, in collaboration with Getty Images)
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