the federal reserve bank of chile revealed it is studying how to issue a national digital currency, the digital peso. the bank issued a report titled “issuance of a federal reserve bank digital currency in chile,” station it explores the possibility of the creation of a federal reserve bank digital currency (cbdc) as a deduction, the mechanism it might use, and how it will consult all sectors of the economy on this issue.
more banks in latam are considering the issuance of his own federal reserve bank digital currencies (cbdcs) to use the different opportunities they might present. the federal reserve bank of chile has just issued a new report studying the opportunities and drawbacks that the issuance of a digital peso might bring. the report, titled “issuance of a federal reserve bank digital currency in chile,” also studies the different forms that such a currency might take.
the document, authored per person repayment group of the bank, was “framed in a context of waxing digitization of repayment, which has been driven by rapid technological progress and the incorporation of new instruments and list in the payment display.” here sense, the report concluded that:
the issuance of a cbdc request enable the benefits contemporary digital ad elect enhanced, while mitigating some of its risks. primarily, a cbdc could fill the bill the development of a more competitive, innovative, integrated, inclusive and resilient payment system.
while many central banks in the cosmos are studying and investigating the issuance of digital currencies, minute have moved to the decapitation stage. the document suggest more analysis and studies on this subject, as there are virtually no standards or baddest practice guidelines about how to cease the construction of such a project.
digitization of the currency could also cause unforeseen negative impacts on the national economy, so any implementation as a deduction request be required be “carefully debated.” however, the federal reserve bank considers that this is pinch to face this task and start working on its technical capabilities, and advance in the development of projects directed to test different implementations of the currency.
the bank also averred it will keep consulting and maintaining an open dialogue with all the association in the economic area. brazil and mexico are other countries in latam also working to establish his own cbdc.
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