Peru CBDC Tracker

Peru is currently in the launch phase of its central bank digital currency (CBDC) development. The Banco Central de Reserva del Perú launched a CBDC in October 2024 with the company Bitel. Although this project is officially labeled a “pilot,” it involves 67,000 users making an average of 91,000 transactions a day. The central bank reported that around 4.2 million sols ($1.4 million) in CBDC were in circulation. According to the central bank, one of the key interests is evaluating how the CBDC can replace cash.

Current human rights and civil liberties concerns in Peru include corruption. It has been reported that “Citizens continued to view corruption as a pervasive problem in all branches of national, regional, and local governments.” The existence of pervasive corruption is a major concern with CBDCs because it calls into question any promises that might be made by the government to limit surveillance, control, or other risks of CBDCs.

CBDC History and Development

The Banco Central de Reserva del Perú published a magazine on CBDCs in June 2019. However, there was only one article in the issue that focused on CBDCs. Banco Central de Reserva del Perú researchers wrote, “Current conditions and available information do not yet provide clear signals about the potential added value of CBDCs in meeting central bank objectives.”

The Banco Central de Reserva del Perú started evaluating the feasibility of issuing a CBDC in 2020.

In 2021, the Banco Central de Reserva del Perú requested technical assistance from the International Monetary Fund and used this assistance to promote its research efforts. The central bank also commented on CBDC development in its financial stability report for the year.

Banco Central de Reserva del Perú official Paul Castillo spoke at a CBDC conference hosted by the Banco Central del Paraguay in May 2022. During his presentation, Castillo outlined the progress in Peru since 2020. He said the main objective of the technical assistance from the International Monetary Fund was to examine the need for a CBDC in Peru. Then, at another conference hosted by the Banco Central de Reserva del Perú, Castillo discussed developing a digital alternative to cash in Peru. Castillo said the central bank was working to evaluate the case for issuing a CBDC (among other efforts).

In March 2023, the Banco Central de Reserva del Perú released three documents on CBDC development. In the first document, the central bank argued that a CBDC could help people without bank accounts while complementing existing digital payments options. However, it also argued that a CBDC could be used to reduce the use of cash, lower dollarization, and introduce programmable payments. At the same time, the central bank acknowledged that a CBDC could destabilize the financial system, lead to bank runs, pose cyber risks, and hurt the central bank’s reputation. The second document featured a questionnaire asking people and businesses about their views on CBDCs and the market. The third document was the central bank’s financial stability report. However, the CBDC coverage in the report largely summarized the previous two documents.

In November 2023, the International Monetary Fund published a report on CBDC stakeholder engagement in Peru. The report said the banking sector was receptive to a “properly designed CBDC [that] can help address remaining pain points in Peru and may assist in deepening financial inclusion.” The International Monetary Fund ultimately recommended that the Central Reserve maintain its CBDC development, continue outreach, and expand its work to the national level.

In April 2024, the Banco Central de Reserva del Perú published a note announcing its intent to move forward with a CBDC pilot (the “First Innovation Pilot”). The pilot would run for one year and may be extended for an additional year. However, the exact start day was not stated because the central bank first needed to find participants. Notably, the central bank claimed that it has the authority to issue a CBDC because existing law does not limit whether the issuance of banknotes and coins is done in physical or digital form.

In July 2024, the Banco Central de Reserva del Perú announced it had signed its first contract with the company Viettel (later renamed to Bitel) to begin work on a CBDC pilot. Around the same time, researchers at the central bank published an article on CBDCs arguing that a CBDC could help the unbanked population in Peru.

In October 2024, the Banco Central de Reserva del Perú and Bitel signed an agreement on the framework of the CBDC pilot. According to the announcement, “Bitel will act as the official distributor of the Digital Currency issued by the Central Bank, maintaining a direct relationship with end users. Users will be able to make payments and transfers through Bitel's Bipay digital wallet, using the Central Bank's Digital Currency in rural areas and areas with low financial services penetration. The pilot will evaluate the potential of this Digital Currency to replace cash in areas where digital payment alternatives traditionally do not exist, and its capacity to foster the development of a payments ecosystem in regions with low financial inclusion.” Although this announcement sounds like Peru moved to the pilot phase, it actually moved to the launch phase. That is because the project involved real people making real transactions.

In March 2025, the Banco Central de Reserva del Perú officially began the evaluation period for its CBDC. The company Bitel began the enrollment process for its digital wallet (the BiPay wallet) from October 2024 to February 2025. By the end of February, it had amassed 67,000 users and 91,000 transactions per day. The central bank reported that around 4.2 million sols ($1.4 million) in CBDC were in circulation. Moving forward, “Bitel will promote access to and use of its digital wallet through targeted advertising.”

In the summer of 2025, the Banco Central de Reserva del Perú published a frequently asked questions page for its CBDC pilot (the “First Innovation Pilot”).

In September 2025, the Banco Central de Reserva del Perú revealed that the amount of CBDC in circulation increased to 7.9 million sols ($2.36 million) in July 2025. The number of users also increased to 107,226 people.

Human Rights and Civil Liberties Concerns

Peru earned a 70 out of 100 in Freedom House’s 2023 Freedom in the World report. As Freedom House noted in the report, corruption is a major issue for Peru. The issuance or adoption of a CBDC in Peru could worsen this issue.

“Government corruption remains a critical problem in Peru,” according to Freedom House. Despite some reforms, the U.S. State Department reported that “Citizens continued to view corruption as a pervasive problem in all branches of national, regional, and local governments.” In particular, there “were widespread allegations of corruption in public procurement and in public-private partnerships.” The existence of pervasive corruption is a major concern with CBDCs because it calls into question any promises that might be made by the government to limit surveillance, control, or other risks of CBDCs. Furthermore, the existence of corruption calls into question whether CBDC policies might be designed to exert political favoritism through subsidies, price controls, or other targeted restrictions.

For additional information on concerns regarding violations of human rights and civil liberties, see the following reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, and the U.S. Department of State. For additional information on concerns regarding the risks of CBDCs, see the following webpage and report by the Cato Institute: The Risks of CBDCs and Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths.

For additional information regarding metrics, the methodology page explains each of the data points and provides their respective sources.