Technological evolution has profoundly transformed payment systems and financial market infrastructures, creating a favorable environment for the development of new architectures, instruments, and payment methods. The financial industry, which had already integrated  dematerialized financial instruments and digital money, now faces a turning point driven by emerging technologies like blockchain and distributed ledger systems (DLT).

Central Banks have closely followed this evolution and, in recent years, have incorporated the exploration of this new digital economy into their agendas through new forms of money such as Central Bank Digital Currencies (CBDC), as well as new forms of digital assets.

In line with this trend, the Central Bank of Chile has been exploring the benefits and risks associated with this new generation of assets and money since 2019. Initially, the focus was on issuing instruments on programmable blockchain platforms, and later, from 2021, on the potential benefits and risks of a CBDC.

Regarding CBDC, the Central Bank of Chile has published two reports. The first, in May 2022, theoretically explored the benefits, challenges, and implications for the payment system and the economy in general. In March 2024, the second report was published, addressing the issuance of a CBDC in Chile.

Starting in June 2025, the Central Bank of Chile began a practical exploration through proof-of-concept of a CBDC. The goal is to develop new internal capabilities to assess the risks and benefits associated with a potential issuance. This involves a technological perspective on DLT (Distributed Ledger Technology), along with an operational view of how a CBDC could interact with other Central Bank systems.