Uruguay Central Bank swaps peso for cryptocurrency

The central bank of Uruguay has joined the countries that are actively exploring and developing the national virtual currency.

Considering all available opportunities to develop and create its own cryptocurrency, the Central Bank of Uruguay (Banco Central del Uruguay) is digitizing the national currency – the peso. Any details of the digitization of the national currency are not disclosed, but it is known that the national digital currency of the South American state will have the same value as the currency.

Within the framework of the conference “The Future of Money and Financial Systems”, the head of the Central Bank of Uruguay presented a development that allows users to download cryptocurrency into a special mobile application. This technology will replace the usual wallet with money.

The head of the Uruguayan financial regulator Mario Bergar noted the following: “We are already close to launching a test project on the use of cryptocurrency by a limited number of users, which, in fact, is an experiment to convert the currency to electronic currency.”

 Mario Bergar also reported that the project will also test the transactions of the cryptonym between users via a mobile application. In this case, the head of the Central Bank of Uruguay noted the inevitability of using cryptocurrency in the future.

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