The Central Reserve Bank of Peru has issued a paper about the potential development of a central bank digital currency (CBDC), the first in a series of reports that will examine the need, design, and timing of a Peruvian CBDC. The report highlights the benefits of introducing a CBDC, which include helping the unbanked population access digital payments, lowering transaction costs, and increasing financial inclusion.
The use of digital payments has increased fivefold in Peru since 2015, but almost half the population remains unbanked. The CBRP is seeking to improve access and interoperability of existing payment systems, and it has released a 25-question survey of potential users due on April 30. The CBRP is also cooperating with India, Singapore, and Hong Kong to develop a CBDC. No timeline for CBDC development has been set yet.
