The president of the Central Reserve Bank of Peru, Julio Velarde, announced that his country will be entering the global race to develop a central bank digital currency (CBDC).

At the Annual Conference of Executives with business leaders in Lima on Tuesday, he said:

"I recall the payment system we are going to have eight years from at present in the world is going to be completely dissimilar from the electric current ane… Even the financial system will probably be quite unlike."

Velarde stated that Peru will partner with the cardinal banks of countries more advanced in their evolution of CBDCs including India, Singapore and Hong Kong. A CBDC is a digital form of a country'southward fiat currency, issued and controlled past the respective nation's fundamental bank.

"We won't exist the offset, because we don't have the resources to be commencement and face those risks," Velarde said, adding, "Merely nosotros don't want to fall behind. We are at least at the same level or maybe even further alee than similarly-sized countries, although behind Mexico and Brazil."

According to Atlantic Council, 87 countries (representing more xc% of global gross domestic product) are now researching a CBDC, and seven have launched i. Insufficiently, in May 2022, only 35 countries were considering developing a CBDC.

Although it doesn't take a CBDC, El Salvador'south adoption of Bitcoin as a legal tender on Sept. seven has put a renewed focus on digital assets in the region.

Mexico and Brazil are planning to implement CBDCs sometime before 2023, and the Bahamas already has a Sand Dollar CBDC.

Equally for Peru'south upcoming CBDC development partners, the Reserve Depository financial institution of Bharat plans to launch a trial implementation of the digital rupee before the end of the year, merely information technology is also taking its time to ensure the rollout goes smoothly.

"We are being extremely careful near information technology because it's a completely new product, not just for RBI but globally," Reserve Bank of India Governor Shaktikanta Das told CNBC in August.

Related: US is not moving fast plenty to develop a CBDC, says former CFTC chair

Hong Kong's Monetary Authority continues to explore the possibility of introducing a digital Hong Kong dollar in a bid to capitalize on potential benefits for retail trading across the city's cross-border markets.

The Monetary Authorisation of Singapore has also shared plans for a privately developed retail CBDC nether its "Project Orchid initiative." They are all racing to catch upwardly with China, however, which now has processed a total of 62 billion digital yuan, according to the head of digital currency at the People'south Banking concern of Red china.