The president of the Central Reserve Bank of Peru publicized that it will be entering the global race to develop a Central Bank Digital Currency.
The president stated that Peru will partner with the central banks of countries more progressive in their development of CBDCs which included India, Singapore, and
87 countries are now researching a CBDC, and seven have already launched one. Last year only 35 countries were considering developing a CBDC.
El Salvador’s acceptance of Bitcoin as a legal tender has put a renewed attention on digital assets in the region even though it does not have a CBDC. Mexico and Brazil are preparing to implement CBDCs before 2023, and the Bahamas already has a Sand Dollar CBDC.
As for Peru’s upcoming CBDC development partners, the Reserve Bank of India plans to launch a trial implementation of the digital rupee before the end of the year, but it is also taking its time to ensure the release goes well.
The Monetary Authority of Singapore has also shared plans for a privately-developed retail CBDC under its Project Orchid initiative.
