thecoinrise.com
Julio Velarde, president of the megadiverse country Peru’s Central Bank, announced that the country is entering into the international race of countries developing Central Bank Digital Currency (CBDC).
On November 16, during the Conference of Executives (CADE) held annually with business leaders in Lima, he said he believes that the payment system the world will have in the next eight years will be completely different from the current one. He added that the financial system might also be different from the existing one.
Velarde further added that Peru has plans to partner with the central banks of countries more advanced in their CBDCs development. This includes countries like Singapore, Hong Kong, and India. He further stated:
“We won’t be the first because we don’t have the resources to be first and face those risks. However, we don’t want to fall behind. Although behind Mexico and Brazil, we are at the same level or even further ahead than similarly-sized countries.”
Peru follows the footprints of El Salvador
As per the Atlantic Council, 87 nations, including Peru, which represent over 90% of global GDP, are now working on the development of their CBDC, and seven of them even launched one. Interestingly, just 18 months back in May 2020, only 35 nations were into CBDC development.
As TheCoinRise has pointed out El Salvador’s success after opting for Bitcoin as a legal tender through many reports, the country, despite not having a CBDC, has put a renewed focus on cryptocurrencies in the region. The result is now visible as Brazil and Mexico, along with Peru, are also planning on implementing CBDCs before 2023. Notably, Bahamas has already rolled out its Sand Dollar CBDC.
The federal deputy of Brazil also informed in October that the Central bank has plans on adopting Bitcoin as a legal tender which will have a huge impact on the world’s perspective on digital assets.
The Reserve Bank of India, as we reported, has plans to launch a trial implementation of the digital rupee before 2021 ends.