The Central Reserve Bank of Peru Has Issued a Report on the Development of CBDC

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.