The Central Reserve Bank of Peru has published a report on the need, design, and timeline for a Central Bank Digital Currency (CBDC) as a means to improve financial inclusion and reduce transaction costs in financial integration. Nearly half of the country's population is unbanked, with 79% having no savings, primarily residing in urban areas and working in the informal economy. The report highlighted the end of the first phase towards a potential CBDC, without specifying a timeline for development. The CBRP also released a 25-question survey for potential users. Peru has sought technical assistance from the IMF and plans to collaborate with India, Singapore, and Hong Kong for CBDC development.
The Central Reserve Bank of Peru Has Issued a Report on the Development of CBDC