Central Bank of Peru develops state digital currency

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The Central Reserve Bank of Peru (BCRP) is partnering with the Central Banks of India and Singapore to develop their own digital currency.

“We are working on digital currency and participating in many projects with several central banks,” said Julio Velarde, President of BCRP.

He noted that Peru is still following Brazil, Mexico and several European countries in developing a state digital currency.

The Central Bank is working on changes in the payment system. Velarde did not disclose details, but said that in eight years the payment system will be completely different from the current one.

“We’re not going to be the first in this industry because we don’t have the resources to face the risks, but we don’t want to be left behind,” he said.

In October, Peruvian regulators began scrutinizing cryptocurrency firms and marketplaces to develop clear regulatory requirements governing the country’s digital currency industry.

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