Peru is joining the global push to develop a central bank digital currency (CBDC), central bank President Julio Velarde said on Tuesday, as policymakers worldwide seek to keep pace with fast-spreading cryptocurrencies.
Speaking at a conference with business leaders in Lima, Velarde said that Peru’s central bank is working with the central banks of India, Singapore and Hong Kong in developing a CBDC.
“We are not going to be the first, because we don’t have the resources to be first and face those risks,” Velarde said, “But we don’t want to fall behind. At least we are at the same level or perhaps even further ahead than similarly sized peers, although behind Mexico and Brazil.”
