Chile’s central bank will explore the possibility of issuing CBDC

October 5, 2021

Chile's central bank will explore the possibility of issuing CBDC

Mario Marcel, president of the Central Bank of Chile, has revealed plans to form a team to study the possibilities of central bank digital currencies (CBDC).

In the first quarter of 2022, the team will present a document on the strategic objectives, development rules and expected results of CBDC implementation.

The team also plans to develop a medium-term strategy for digital payments in Chile. Central Bank board member Alberto Naudonom will lead the project.

According to a statement from Chile's central bank, the development of CBDC faces challenges such as credit provision, financial stability and privacy.

Recall that the head of the British financial conglomerate HSBC, Noel Quinn, supported the CBDC. He said transparency and stability avoids many of the risks associated with cryptocurrencies and some stabelcoins.

Earlier, BIS head Benoît Kéré called on central banks to speed up the development of CBDC.

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