Last week the President of the Central Bank of Chile, Mario Marcel, spoke at length about the potential for a central bank digital currency (CBDC) at a seminar organized by the Chilean Ministry of Finance and the Inter-American Development Bank (IBD).
One of the primary motivations for a CBDC in Chile is the promotion of financial inclusion. Like many developing countries, a reasonable proportion of Chile’s citizens are unbanked.
Currently, this stands at 26% of its 19.1 million population. This may be due to high costs of financial services, travel time to branches, lack of identity documents, or poor trust in institutions.
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