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Central Bank of Chile Delays Launch of CBDC in the Country Till Year End

by CBDC Insider
May 12, 2022
in Business, South America
Reading Time: 2min read
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Central Bank of Chile Delays Launch of CBDC in the Country Till Year End
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Issuing a digital Chilean peso by the Central Bank of Chile has been postponed until a more thorough assessment of the advantages and hazards. A fresh report is expected before the end of the year. A preliminary review of a Chilean CBDC was included in a May 11 report from the bank. There was a discussion of the country’s present payment system and the advantages, hazards, and principles of introducing a digital peso.

Might Pose Threat to Financial Stability

Despite the present payment system working effectively and “adapt well to recent challenges,” the bank indicated that a CBDC would improve and alleviate any risks associated with digital transformation. There isn’t enough information to make a definitive judgement on the digital peso, so the bank plans to “carry out a series of seminars, presentations and meetings with different counterparts” to get the necessary information for the following report.

Chile’s central bank said in September 2021 that it would organize a working group to explore the potential digital peso and develop a plan for launching a CBDC in early 2022. According to the bank, using crypto as an alternative to bank deposits might pose a threat to the financial stability of the nation, according to the bank, which expressed its worry about the rise of crypto usage in the country.

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