## Peru: Central Bank Digital Currency Stakeholder Engagement

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**Canonical URL:** [Peru: Central Bank Digital Currency Stakeholder Engagement](https://www.imf.org/-/media/files/publications/hls/2023/english/hlsea2023016.pdf)

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### Background and Mission
- Mission type: High-Level Summary Technical Assistance Report prepared by Arif Ismail, Elad Meshulam, Sally Toms and Herve Tourpe; Authoring Department: Monetary and Capital Markets Department.
- Dates and engagements:
  - Initial IMF engagement concluded in January 2022.
  - An IMF mission visited Peru in June 2023 (physical mission between June 19 and June 23, 2023).
  - White paper published in February 2023; the summary notes publication in March 2023 as enabling stakeholder input.
- Administrative note: The CD recipient may object to publication within 30 business days of transmittal.
- JEL Classification Numbers: E42, E50, G21, G23, O16.
- Keywords: Central Bank Digital Currency (CBDC), Digital Money, Payments System, Wholesale Payments, Central Bank, Securities Settlement, Cross-border Payments.
- Context: This was the third engagement with the Banco Central de Reserva del Peru (BCRP) aimed at building staff capacity to engage stakeholders on strategic and policy matters regarding CBDC. The IMF also provided an operating manual to guide the BCRP in organizing innovation challenges.

### Summary of Findings
- Foundations and stakeholder sentiment:
  - "The BCRP's research on CBDC has strong foundations."
  - Banking and payment sector stakeholders appreciate BCRP engagement and trust BCRP leadership in facilitating new digital finance solutions.
  - Participants are receptive to the proposition that a properly designed CBDC can address remaining pain points in Peru and may assist in deepening financial inclusion.
- BCRP approach and capabilities:
  - The central bank’s team has adopted a measured and structured approach, balancing a desire to learn quickly with recognition that certain key elements (such as a clear design) cannot be rushed.
  - The BCRP is fully committed to continuing industry-wide stakeholder engagement in its CBDC research and development efforts.
- Outputs enabling engagement:
  - Publication of a white paper (February 2023) that shares policy goals for a modern and inclusive payment system enabled frank discussions and broad stakeholder input.
  - Tailored design-thinking workshops, organized by the mission team, solidified stakeholder commitment.
- Key challenges to address:
  - Improve project governance and capacity.
  - Broaden research to better incorporate participants' perspectives.
  - Elevate the CBDC program at the national level.
- Mission milestone: The inaugural industry-wide stakeholder engagement hosted between June 19 and June 23, 2023 marked a significant milestone, facilitating a candid assessment of stakeholder support for CBDC.

### Summary of Recommendations
- Overall structure: The mission team identified three main themes supported by nine recommendations to support next steps.
- Theme 1 — Maintain an agile program:
  - Implement effective change and risk management practices.
  - Foster broad and ongoing engagement with stakeholders.
  - Ensure consistent communication with internal and external stakeholders to sustain momentum.
- Theme 2 — Increase clarity on the baseline product design through further interactive engagements:
  - Prioritize use cases for the target market.
  - Understand the CBDC value chain for selected use cases.
  - Research realistic business models and other adoption incentives.
- Theme 3 — Elevate CBDC strategy to the national level:
  - Explore collaboration opportunities with relevant national agencies.
  - Leverage national infrastructure and processes, such as digital identity and data protection systems.

*High-Level Summary Technical Assistance Report – Peru: Central Bank Digital Currency (HLS/23/16), November 2023.*

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_Source: https://www.imf.org/-/media/files/publications/hls/2023/english/hlsea2023016.pdf_