Chile moves forward with its digital currency

Chile is developing its own digital currency. Specifically. The Central Bank of Chile has created its own digital asset, and each time it has better defined characteristics, but there is one that stands out for the utilities it offers: to be used both online and offline. This was stated by the president of the Central Bank of Chile, Rosanna Costa.

During her participation in one of the Bank for International Settlements conferences, Costa also added that Chile does not yet have the technological infrastructure to operate efficiently to achieve what is desired, but it is already working on it.

Another feature that the system should include is: “allowing authorities to trace the transaction afterwards”, without exposing or violating users’ personal data.

The name of the digital currency is the CBDC, and Costa considers that such asset should coexist and be convertible with cash, so that commercial banks can use it as well.

Although there is no official date for its launch, the president of the Central Bank of Chile announced that in a few days she would release a document that will provide more details on the progress in the development of the Chilean CBDC.

A few months ago it was announced that Chile has a group of professionals and specialists focused on designing a strategy for the “digitalization of the Chilean economy”.

In addition, Chile is part of a recent study by the Bank for International Settlements (BIS), which concluded that: “9 out of 10 central banks are exploring digital currencies and more than half are designing or testing these assets”.

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