Inside Peru’s central bank digital currency

Peru’s central bank is quietly running one of the world’s most distinctive digital currency pilots. Milton Vega explains how the project treats CBDCs as a public policy experiment in inclusion.

Since 2021, the Central Reserve Bank of Peru has been at work on a central bank digital currency (CBDC) pilot project. The retail CBDC—one designed for use by individuals and businesses, rather than inter-bank—seeks to lower barriers to financial inclusion in a country where about half of the adult population remains unbanked. It places Peru among the global vanguard of economies actively testing CBDCs in real-world conditions,

Duckbucks: Where does the bank’s CBDC project stand today, and what are its ultimate ambitions?

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Author

  • Milton Vega is the deputy manager of payments and financial infrastructures at the Central Reserve Bank of Peru. He has previously served as the institution’s deputy manager of currency analysis and programming and as head of financial system assessment. He played a pivotal role in the enactment of Peru’s Payment and Securities Settlement Systems Law and the Electronic Money Law.

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