CBDC Development in Peru and Brazil
The media reported on the development of CBDCs by the central banks of Brazil and Peru. The expected launch dates are 2024 and 2031, respectively.
Roberto Campos Neto, president of the Central Bank of Brazil (BCB), announced plans to begin testing CBDCs in 2022, CoinDesk reports, citing Estadao. The full-scale launch of the financial instrument is scheduled for 2024.
The BCB is also discussing a bill to regulate digital assets as an investment tool. According to the bank, Brazilians have acquired $4,27 billion in cryptocurrencies in 2021.
What is more, Peru also has plans toward the adoption of cryptocurrencies. In October 2021, local authorities began drafting legislation to regulate the crypto market. The CBDC is also included in the project.
The Central Reserve Bank of Peru (BCRP) is developing a central bank digital currency, BCRP President Julio Velarde said. According to La Republica, the project is still in its early stages. Velarde noted that Peru’s central bank is working with the central banks of India, Singapore and Hong Kong in developing a CBDC. Thus, the full launch is possible in about 10 years.
In the development of CBDCs, Peru relies on the experience of Brazil and Mexico. In addition, plans to develop their own CBDCs in September 2021 were announced by representatives of the central banks of Chile, Guatemala, and Honduras.