stated on Thursday that Peru is the Latin American country that has made the most progress in monetary digitalization, as almost all of its productive sectors already operate in this manner.
"We have progressed very swiftly in terms of monetary digitalization in Peru. There are two countries that are perhaps slightly more digitalized than Peru, but for different reasons. I am referring to Argentina and Venezuela," he said.
The BCR head participated in the 36th Annual CIES Research Seminar 2025 “Challenges for the New Government 2026–2031” organized by the Economic and Social Research Consortium (CIES).
Velarde clarified that Alberto Fernandez's government in Argentina had, until three years ago, resisted issuing new higher-denomination banknotes.
"It was common to see people buying, for example, a cup of coffee with a large bundle of low-denomination banknotes. In Venezuela, the situation is similar," he noted.
As a result, the population in those countries demanded digital payment options because they could not carry so many banknotes.
"In Peru, digitalization is based on a modernization process, completely different from what happens in our neighboring countries," Velarde explained.
The BCR governor stressed that monetary digitalization is already being applied in almost all productive activities.
"By the end of next year, we must be implementing a platform that will be extremely powerful in terms of digital payments, which will have a significant impact on the country's rural areas," he asserted.