The Central Reserve Bank of Peru (CBRP) announced on its official website that it has completed the research phase of functional and interoperable CBDC. Therefore, after completing the preparation phase, the next three phases include hypothesis proof, prototype design, pilot program, and finally entering the production process.

CBRP learned that a large portion of the country’s residents do not have bank accounts. “The goal of a CBDC within the framework of the Peruvian payment system is to give the unbanked population access to digital payment services, so it is important to understand their characteristics in order to develop an implementation strategy,” the report states.

It is reported that 75% of Peru's unbanked population live in urban areas and work in informal environments, and nearly 79% of them have no savings. Therefore, CBRP believes that a functional CBDC will help the unbanked population access digital financial services. According to data from the non-governmental organization Motiv, Peru conducts more than 20,000 Bitcoin transactions per week. Therefore, CBRP believes that a highly interoperable CBDC will help build the economy amid rising global inflation. (Coinspeaker)