Digital Euro Technical Preparations Completed (ECB)
According to Christine Lagarde, President of the European Central Bank (ECB) technical preparations for a digital euro, including system architecture and safeguards, are now complete, with further progress now awaiting legislative action from the European Council and European Parliament. [Source: ECB]
And some backfilling on Peru’s central bank digital currency (CBDC) efforts thanks to Nick Anthony and the Human Rights Foundation (HRF) CBDC Tracker:
Central Bank of Peru Prepares to Launch CBDC Pilot (BCRP)
[October 14, 2024] The Central Reserve Bank of Peru (BCRP) and Bitel signed a framework agreement on October 14, 2024, to launch the country’s first Central Bank Digital Currency (CBDC) pilot program. This initiative, formalized through regulations published in April 2024 and Bitel’s selection in July 2024, aims to improve financial inclusion by providing digital payment services to unbanked populations in rural and underserved areas. During the pilot, Bitel will distribute the CBDC through its Bipay digital wallet, allowing users to make payments and transfers with this sovereign digital money issued by the central bank. The program will assess whether CBDCs can effectively replace cash and foster a digital payments ecosystem in regions with limited financial services. [Source: BCRP]
Central Bank of Peru to Launch CBDC Pilot (BCRP)
[March 10, 2025] The Central Reserve Bank of Peru (BCRP) launched an evaluation phase on March 10, 2025, for its first digital currency innovation pilot in partnership with Bitel, following a successful trial period that began in 2024. By February 2025, Bitel’s BiPay wallet had enrolled 67,000 active users processing an average of 91,000 daily transactions, with S/ 4.2 million in BCRP digital currency in circulation. The three-month pilot aims to assess whether a central bank digital currency (CBDC) can effectively complement cash in regions with low financial inclusion and limited digital payment infrastructure, with the wallet accessible even to users without smartphones through USSD text messaging technology. [Source: BCRP]
Upcoming Speaking Engagements:
The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! [Register here and get 20% off the regular ticket price by using the Kiffmeister20 code!]
I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
