The president of Chile’s central bank revealed that the South American nation will decide in early 2022 on a strategy for the planned introduction of its own digital currency, as policymakers around the world seek to rein in fast-spreading cryptocurrencies.

Regulators around the world are cracking down on cryptocurrencies, alarmed by a fast-growing market that hit a record $2 trillion last April.

Introducing himself to lawmakers, Chilean Central Bank President Mario Marcel said he had set up a high-level working group to develop a medium-term strategy for minting a “digital peso” to solve and regulate an “increasingly challenging payments industry.”

Marcel said the task force would carefully assess the risks to Chile’s banking system and the effectiveness of its monetary policy.

The use of digital payments has increased significantly in Chile, Marcel said, with more than 40% of household consumption carried out via credit cards and digital transfers.

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