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.<\/p>\n\n\n\n
Regulators around the world are cracking down on cryptocurrencies, alarmed by a fast-growing market that hit a record $2 trillion last April.<\/p>\n\n\n\n
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.”<\/p>\n\n\n\n
Marcel said the task force would carefully assess the risks to Chile’s banking system and the effectiveness of its monetary policy.<\/p>\n\n\n\n
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.<\/p>\n\n\n