Remote rural Peruvian regions with limited financial services can make use of a new electronic currency system.
According to Peru's Banking, Insurance and Pension Fund Administrative Agency (SBS), 66 percent of rural districts do not have access to banking systems and services. With this new electronic cash initiative, individuals can make and receive payments and deposits through mobile phones.
The Commission on Economics, Banking and Financial Intelligence has approved the validity of electronic cash as a method to provide financial social inclusion.
One of the initiative restrictions is the that the companies converting cash currency to electronic currency are not engaging in other activities such as loan provision.
These companies will be further required to comply with the regulations issued by the SBS for the prevention of money laundering and financial terrorism. The SBS has pledged to closely supervise the service provision of this initiative to ensure security and transparency for their users.
To promote the development of this project within the domestic market, any electronic money transaction taking place through the new mobile phone system shall be exempt from the General Sales Tax.
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