Status : Development
Usecase : Undecided
In 2021, reports from the Banco de la República (BanRep) indicated that Colombia was further behind other emerging economies when it came to digital payments systems. The report also indicated that BanRep had been conducting exploratory research on CBDCs since 2017, but was primarily focused on developing an instant payments system. In 2022, in a BIS report, BanRep stated that given Colombia’s underdeveloped payments system, a CBDC “was an option worth considering in Colombia”. The paper also featured preferred design attributes such as an intermediated CBDC, the importance of AML/CFT measures in the technical design choices, and the possible risk of dollarization arising from other CBDCs and private cryptocurrencies. In June 2023, the Banco de la República announced a partnership with Ripple and the Ministry of Information and Communications Technologies to run use-case pilots.
Relevant News
No news available