• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

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
0
Central Bank of Chile Delays Launch of CBDC in the Country Till Year End
Share on FacebookShare on Twitter

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.

RELATED STORIES

Amid crypto winter, central banks rethink in-house digital currencies

Amid crypto winter, central banks rethink in-house digital currencies

January 24, 2023
Digital currency firm Amber reduces employee count in Hong Kong

Digital currency firm Amber reduces employee count in Hong Kong

January 22, 2023

Cryptocurrencies are not banned in Chile, but the government is concerned about their usage and sale. To “mitigate the risks crypto poses,” Argentina’s central bank intervened to block two banks from selling cryptocurrency services in early May.

Read more

Previous Post

Bahamas CBDC Educational Campaign Needs Boost, IMF Says

Next Post

U.S. Facing Pressure from China as Digital Currency Adoption Debate Continues

Next Post
U.S. Facing Pressure from China as Digital Currency Adoption Debate Continues

U.S. Facing Pressure from China as Digital Currency Adoption Debate Continues

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register