Uruguay’s Central Bank Tests Own Digital Currency

Announcements, Blockchain, FinTech | September 25, 2017 By:

Banco Central del Uruguay (BCU), the country’s central bank, is reportedly experimenting with its own digital currency. BDC has engaged a focus group to test the transfer of digital currency funds via a mobile-based app.

Speaking at an event called “The Future of Money and the Financial System,” BCD President Mario Bergara said the digital currency would function like cash and allow cash transfers between individuals.

“It’s not that you use the phone to order money transfers, as is done today. But having bills in the cellular and being able to pass them on from one user to another,” said Bergara.

It is still unclear whether the mentioned digital currency will work on the blockchain platform. But some central banks in the world, including those in Canada and the United Kingdom, have used this technology in similar trials.

Although no launch date was announced, the pilot is “pretty close” to launch, according to Bergara, with some technological aspects of the program that are yet to be completed.

“It will be a trial and error process, successes and failures,” he said.