In 2021, the Central Reserve Bank of Peru (BCRP) sought technical assistance from the International Monetary Fund (IMF), which played a pivotal role in advancing the research phase.
The BCRP released a document detailing the outcomes of collaborative research conducted by both the BCRP and the International Monetary Fund. This document encompasses a wide range of subjects, including an up-to-date analysis of payment systems within Peru, potential use cases of a Central Bank Digital Currency (CBDC) targeting unbanked individuals, and pertinent considerations for the design and implementation of a CBDC intended to complement the existing payment infrastructure in Peru. Moreover, the document aims to engage in a public consultation, actively seeking input from stakeholders such as market participants, to gather insights on crucial aspects outlined in the publication.
Subsequent phases of this initiative will draw upon input from technology providers, regulatory bodies, and experts spanning various fields.
Approximately half of Peru’s adult population remains unbanked. Within this group, 76.6% reside in urban locales, and 27.6% are concentrated in Metropolitan Lima. While a major driver for exploring and potentially introducing a CBDC lies in the objective of promoting financial inclusion, there is a recognition that such an undertaking could also yield positive impacts across several areas of significance to the BCRP. For instance, the issuance of a CBDC could bolster payment efficiency, diminish costs associated with cash management, stimulate competition and innovation, fortify the monetary transmission mechanism, enhance financial stability, and reinforce the preference for the local currency as a medium of exchange among the Peruvian populace.
Source:
https://www.bcrp.gob.pe/docs/Sistema-Pagos/cbdc/cbdc-presentation.pdf