The Central Bank of Chile is studying the issuance of digital currency – Bitcoin News

The Central Bank of Chile is studying the issuance of digital currency – Bitcoin News

The Central Bank of Chile has revealed that it is studying how to issue the national digital currency, the digital peso. The bank has published a report entitled “Digital Central Bank Issuance in Chile”, which explores the possibility of creating a digital central bank currency (CBDC) in the future, a mechanism that could be used and how to consult all sectors of the economy on this issue.

The Central Bank of Chile is considering issuing a CBDC

Several banks in Latham are considering issuing their own digital currencies to the central bank (CBDC) to take advantage of the various opportunities they could represent. The Central Bank of Chile is right betrayed a new report examining the opportunities and shortcomings that digital peso issuance could bring. The report, entitled “Issuing the Digital Currency of the Central Bank of Chile,” also examines the various forms that such a currency could take.

The document, authored by the bank’s payment group, was “framed in the context of the growing digitalisation of payments, fueled by rapid technological advances and the inclusion of new instruments and players in the payment market.” In this regard, the report concluded that:

The issuance of the CBDC would make it possible to improve the benefits associated with digital transformation, while at the same time reducing some of its risks. In particular, the CBDC could contribute to the development of a more competitive, innovative, integrated, inclusive and resilient payment system.

The report also calls for further analysis of the cost-benefit ratio of issuing such a currency.

More studies are needed

While many central banks around the world are studying and researching the issuance of digital currencies, few have entered the execution phase. The document calls for additional analysis and studies in this regard, as there are virtually no standards or best practice guidelines on how to proceed with the construction of such a project.

The digitization of the currency could also cause unforeseen negative effects on the national economy, so any future application would have to be “carefully analyzed”. However, the central bank believes that it is time to face this task and start working on its technical capabilities, and make progress in developing projects aimed at testing different currency implementations.

The Bank also stated that it would continue consultations and maintain an open dialogue with all institutions in the economic field. Brazil i Mexico whether other countries in Latham are also working to establish their own CBDC.

What do you think about the report of the Central Bank of Chile? Tell us in the comments section below.

The Central Bank of Chile is studying the issuance of digital currency – Bitcoin News

Sergio Goschenko

Sergio is a journalist on cryptocurrencies based in Venezuela. He says that he entered the game late, that he entered the cryptosphere when prices rose in December 2017. Having a background in computer engineering, he lives in Venezuela and under the influence of the cryptocurrency boom at the social level, offers a different view of crypto success and how it helps those who do not have banking services and who lack services.

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