Central Bank of Chile to decide on best way to roll-out digital currency in 2022— Mario Marcel

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Central Bank of Chile will be making a decision regarding the best strategy to employ when it finally begins to rollout its own digital currency in 2022. This was confirmed on Monday by the President of the bank, even as policymakers around the world struggle to keep up with the fast spreading cryptocurrencies.

The alarming rate at which the crypto market is expanding, is possibly responsible for all the numerous crackdowns on digital coins, presently being witnessed all over the world. Since the crypto industry hit a record $2 trillion back in April, regulators have been breathing down the necks of investors and everyone involved in any crypto related transactions. For instance, China outrightly banned all things related to crypto just three days ago, and that is just one of many countries doing so presently.

What does the Central Bank of Chile plan to do?

While presenting before legislators today, the President of the Central Bank of Chile, Mario Marcel claims he has put together a team of experts to analyze and decide a medium-term strategy with which to be able to mint “ the digital peso”. The digital currency he says, will help in easing the ever-increasing challenging payment sector.

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Marcel told the lawmakers that by early 2022, the Central Bank of Chile will fully define how it aims to drive financial stability, provide public needs, as well as help improve the effectiveness of monetary policy. And according to the president, all the aims and objectives will come with the eventual launch/issuance of the digital peso in Chile.

While recounting how the use of digital payment options has been on the rise in Chile, president Mario Marcel was quick to make an additional statement. He believes that the “digital peso” will only give more options to the already established 40% of Chile’s household consumption, that is being channeled through credit cards or digital transfers of all sorts.

The worry of global regulators is not exactly out of order though. Their belief is that, an uncontrolled rise in privately operated currencies could increase systemic risks, foster financial crimes, and hurt investors, amongst many other reasons.

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Therefore, the Central Bank of Chile and Marcel remain optimistic about this team, insisting that they would critically analyze potential risks to the banking system of Chile. And he also assures that Chile’s monetary policy will remain efficient even after the launch.

 

 

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