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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