{"id":445588,"date":"2022-05-12T04:42:03","date_gmt":"2022-05-12T01:42:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chile-puts-cbdc-plans-on-hold-until-end-of-2022-to-undertake-more-analysis\/"},"modified":"2022-05-12T04:42:03","modified_gmt":"2022-05-12T01:42:03","slug":"chile-puts-cbdc-plans-on-hold-until-end-of-2022-to-undertake-more-analysis","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chile-puts-cbdc-plans-on-hold-until-end-of-2022-to-undertake-more-analysis\/","title":{"rendered":"# Chile puts CBDC plans on hold until end of 2022 to undertake more analysis"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4136d4f0f43\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4136d4f0f43\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chile-puts-cbdc-plans-on-hold-until-end-of-2022-to-undertake-more-analysis\/#%E2%80%9D_Chile_puts_CBDC_plans_on_hold_until_end_of_2022_to_undertake_more_analysis_%E2%80%9C\" >&#8221; Chile puts CBDC plans on hold until end of 2022 to undertake more analysis &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Chile_puts_CBDC_plans_on_hold_until_end_of_2022_to_undertake_more_analysis_%E2%80%9C\"><\/span>&#8221; Chile puts CBDC plans on hold until end of 2022 to undertake more analysis &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNjdjYTdjMTQtZDA0OC00ZWJmLTlhYmItMWI2MjNjMzJiMmQ2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Central Bank of Chile has delayed its plans for a central bank digital currency (CBDC) saying the issuance of a digital Chilean peso requires a deeper analysis of the benefits and risks, promising a new report towards the end of the year.<\/p>\n<p>A <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bcentral.cl\/documents\/33528\/130503\/Primer_Informe_MDBC.pdf\/46608531-566b-0703-03ea-bcd0f088d014?t=1652282545260\">report<\/a> from the bank published on May 11 included a preliminary evaluation of a Chilean CBDC and explored the country\u2019s current payment system along with the benefits, risks, and principles of issuing a digital peso.<\/p>\n<p>The bank stated whilst the current payment system \u201cworks adequately\u201d and has been able to \u201cadapt well to recent challenges\u201d, a CBDC would enhance and mitigate any risks of digital transformation, adding:<\/p>\n<blockquote><p>\u201cA CBDC would contribute to achieving a competitive, innovative and integrated payment system that is inclusive, resilient and protects people&#8217;s information.\u201d<\/p><\/blockquote>\n<p>Regarding issuing a digital peso the bank considers that there isn\u2019t enough information to make a final decision and will \u201ccarry out a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of seminars, presentations and meetings with different counterparts\u201d to inform the new report.<\/p>\n<p>In September 2021 Chile\u2019s central bank <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/chile-cenbank-decide-roll-out-digital-currency-2022-2021-09-27\/\">said<\/a> it would create a strategy with proposals and options for a rollout of a CBDC in early 2022 and formed a working group to study the potential digital peso.<\/p>\n<p>The bank outlined its concern regarding crypto adoption in the country citing the potential for crypto\u2019s use in money laundering, illicit activities and the ability to disrupt banks access to finances if used as an alternative to bank deposits.<\/p>\n<blockquote><p>\u201cThe issuance of a CBDC is also a good alternative to face the challenges associated with the potential massification of so-called virtual currencies, which, although for now they have a very small role in the payment system, could alter the functioning of the financial market and the transmission of monetary policy if its use becomes widespread.\u201d<\/p><\/blockquote>\n<p>Chile sits 18th in the world for cryptocurrency adoption in 2021 according to figures from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.statista.com\/statistics\/1202468\/global-cryptocurrency-ownership\/\">Statista<\/a> with 14% of Chilean respondents saying they owned or used crypto that year, it also marks Chile as the fourth largest user of crypto in South America.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>90% of surveyed central banks are exploring CBDCs \u2014 BIS<\/em><\/strong><\/p>\n<p>Chile doesn\u2019t prohibit the use and trade of cryptocurrencies but it joins other South American countries in its concern over crypto. In early May the central bank of its neighbor Argentina stepped in to stop two banks from offering crypto services saying it needed to \u201cmitigate the risks crypto poses\u201d.<\/p>\n<p>Brazil is also eyeing regulation with a bill circulating since 2015 with the aim to create a regulatory agency to oversee the crypto market moving closer to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval as of mid-April.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/chile-puts-cbdc-plans-on-hold-until-end-of-2022-to-undertake-more-analysis\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Chile puts CBDC plans on hold until end of 2022 to undertake more analysis &#8220; The Central Bank of Chile has delayed its plans for a central bank digital currency (CBDC) saying the issuance of a digital Chilean peso requires a deeper analysis of the benefits and risks, promising a new report towards the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNjdjYTdjMTQtZDA0OC00ZWJmLTlhYmItMWI2MjNjMzJiMmQ2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,75159,79490,74355,71939,40043,71511],"class_list":["post-445588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-digital-currency","tag-south-america","tag-adoption","tag-banks","tag-chile","tag-government"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=445588"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445589"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}