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Peru's Largest Bank Launches Regulated Crypto Platform for Bitcoin and USDC
Banco de Crédito del Perú (BCP), the largest and oldest financial institution in Peru, has taken a bold step toward digital financial innovation by launching a pilot program for a cryptocurrency platform. Known as "Cryptococos," this initiative allows select customers to buy and hold Bitcoin (BTC) and USD Coin (USDC). This marks the first regulated digital asset platform approved by Peru’s financial authorities, underscoring a key milestone in the nation’s journey toward integrating cryptocurrencies into its financial ecosystem.
BCP announced the pilot on October 9, revealing that Cryptococos would facilitate Bitcoin and USDC transactions exclusively within its closed ecosystem. By ensuring that transactions remain internal and cannot be moved to external wallets, BCP adheres to stringent anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Customers interested in using the platform must meet eligibility criteria, including demonstrating their historical transactional activity with BCP and completing an investment risk assessment.
To bolster security and compliance, the custody of digital assets on Cryptococos will be managed by BitGo, a leading U.S.-based provider of institutional-grade digital asset storage and infrastructure services. Established in 2013, BitGo is renowned for its expertise in secure custody solutions, enabling BCP to deliver trustworthy services for its customers. The bank emphasizes that this project reflects its commitment to innovation while maintaining regulatory alignment, marking a historic moment as the first regulated bank in Peru to venture into cryptocurrency services.
BCP, founded in 1889, commands approximately $52 billion in assets as of December 2024 and stands as a prominent player in the Peruvian financial sector. Its foray into the crypto space signals a growing acceptance of blockchain-based solutions in traditional banking systems while presenting an opportunity to drive broader cryptocurrency adoption among mainstream financial customers.
The Expansion of Digital Assets in Peru: Regulatory Gaps and Emerging Innovations
Peru’s strides in cryptocurrency adoption mirror the broader global trend, yet its regulatory landscape remains fragmented. While digital assets are permitted in the country, the absence of a comprehensive framework creates challenges for businesses and innovation. Nevertheless, fintech companies are thriving, propelling crypto adoption and expanding access to digital financial solutions.
In August 2024, Lemon Cash, a fintech company based in Argentina, entered the Peruvian market under a hybrid operational model. By collaborating with a local partner authorized by Peru’s Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS), Lemon Cash offers electronic fund transfers in Peruvian Sol (S/) while providing cryptocurrency trading and custodial services licensed through El Salvador. Lemon Cash’s rapid expansion in Peru highlights rising demand; the firm boasts over one million users in the country and has issued more than 150,000 Visa cards for streamlined crypto-backed payment solutions.
Federico Biscuppovic, COO of Lemon Cash, highlighted several factors crucial for accelerating Peru’s cryptocurrency adoption. Key areas include enhancing user experience, fostering competition to diversify customer choices, and building trust among the public through transparent and secure services. His insights point to the importance of overcoming persistent skepticism about digital assets by offering accessible and reliable platforms for mainstream users.
Government and Central Bank Initiatives Signal Growing Crypto Adoption
While private sector innovation has accelerated, Peru’s government and central bank are also demonstrating an increasingly favorable stance on digital assets and blockchain technology. In a bid to boost financial inclusion in rural areas, the Central Bank of Peru (BCRP) introduced the digital Sol, a digital currency launched in collaboration with telecom operator Bitel in 2024. This initiative aims to reduce barriers to financial services, particularly for unbanked populations in remote areas.
The government has also embraced blockchain’s potential to enhance governance and civic engagement. Ahead of Peru’s 2026 general elections, officials partnered with digital identity company Stamping.io to pilot a blockchain-powered voting program. This initiative seeks to improve election transparency and security while paving the way for broader adoption of blockchain in government processes.
These developments reflect Peru’s ambition to establish itself as a regional leader in digital finance and blockchain solutions. With ongoing government support, fintech innovation, and progressive banking initiatives like BCP’s Cryptococos platform, Peru is positioning itself as an emerging hub for cryptocurrency adoption in Latin America.
Conclusion: A Nation Embracing the Future of Finance
Peru’s evolving landscape in cryptocurrency adoption highlights a blend of innovative private sector initiatives and government-driven projects aimed at modernizing financial systems. With BCP boldly entering the crypto space as the first regulated bank in Peru, the door has been opened for institutional investors and mainstream users to explore digital financial solutions. Meanwhile, platforms like Lemon Cash and the government’s digital Sol initiative underscore a growing appetite for financial inclusion and blockchain adoption across diverse sectors.
As momentum builds, Peru is uniquely poised to navigate its regulatory challenges and become a cornerstone of digital asset innovation in Latin America. The nation’s increasing integration of cryptocurrencies and blockchain technology could redefine its financial infrastructure, empowering individuals and businesses while setting a precedent for neighboring countries in the region.
