Peru's central bank, the Banco Central de Reserva del Perú (BCRP), has extended its retail CBDC pilot through March 2027, driven by unexpectedly strong adoption in the country's most financially underserved regions.
The pilot, launched on October 14, 2024, has attracted over 3.5 million users as of late August 2025. Digital currency balances in circulation reached S/7.5 million-a 182.7% increase-underscoring the program's traction among unbanked populations.
The BCRP partnered with telecom operator Bitel to distribute digital money via the BiPay wallet. This government-issued digital currency allows peer-to-peer transfers and bill payments, leveraging telecom infrastructure rather than traditional banking rails.
The pilot targets eight of Peru's least-bancarized regions. The central bank extended the initiative to gather more data before deciding on full-scale issuance, which is expected after March 2027.
The BCRP has drawn a clear distinction between its digital currency and private cryptocurrencies. This CBDC is issued directly by the central bank and carries the full backing of Peru's monetary authority.