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The
Central Bank of Chile, it is studying how to issue a national digital currency,
the digital peso, and studying the opportunities and drawbacks that the issuance
of a digital peso might bring.
The bank issued
a report titled “Issuance of a Central Bank Digital Currency in Chile,” which
studies the possibility of the creation of a central bank digital currency
(CBDC) in the future, the method it might use, and how it will discuss with all
sectors of the economy on this issue. It also studies different forms that such
a digital currency might take. On Thursday a report on the benefits and
challenges of this project published where the President of the issuing body,
Rossana Costa announced that in early 2023, the central bank of Chile will decide
on the launch of its digital currency (CBDC).
The payments
group of the bank which is framed in a context of increasing digitization of
payments, which has been driven by rapid technological progress and the
incorporation of new instruments and players in the payment market has been
authored the documents. Although the document calls for more analysis and
studies in this regard. There are no standards or best practice guidelines virtually
on how to proceed with the construction of such a project.
In a report
published by Reuters, Mario Marcel, the Minister of Finance and Council of the
Central Bank a high-level working group was formed for the purpose of
developing a strategy for the issuance of the "digital peso," which
will address the demands of the "increasingly demanding payments
industry."
A CBDC would
enhance the benefits associated with digital transformation while reducing some
of its risks. A CBDC could contribute to the development of a payment system
that is more competitive, innovative, integrated, inclusive, and resilient.
According to the central bank, it is the time 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 stated a
consultation and maintaining an open dialogue with all the institutions in the
economic area need to be continued.
More banks in
Latam are considering the issuance of their own central bank digital currencies
(CBDCs) so as to take advantage of the different opportunities they might
present. Other countries in Latam like Brazil and Mexico are also working to
establish their own CBDC. Although many central banks in the world are studying
and investigating the issuance of digital currencies but many didn’t move to
the execution phase.

Indrani bose
CBW - External Analyst
INDIA