chile’s central bank to launch their own digital currency

Last monday, the head of chile’s central bank said that a decision on a plan for the possible roll-out of its own digital currency will be made in early 2022. this comes as authorities across the globe scramble to stay up with the rapid growth of cryptocurrencies.

a high-level working committee to examine a medium-term plan for minting a “digital peso” has been established by chile’s central bank president, mario marcel, according to a statement. “the working group will critically assess risks to chile’s banking system and the effectiveness of the country’s monetary policy,” marcel said. more than 40% of chilean household spending is now made possible via the use of credit cards or other comparable systems, a significant increase from previous years.

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