The Banco Central del Uruguay is working on a project to create “digital banknotes” to replace “the costly and inefficient current system”. This was announced by its president Mario Bergara.

The idea is to issue “digital banknotes”, each with its own serial number, like paper notes, which can then be charged to smartphones. and thus used for all kinds of payments.

Similar systems are being considered and developed by other central banks.


©2017 Monetary Research Institute