Uruguay is finalizing the beta phase project of its own digital currency, which can be used with a wallet on any smartphone, but it is a different asset from Bitcoin, according to the Central Bank of Uruguay.

An interesting novelty that came to us from Latin America, specifically from Uruguay, is that the Central Bank of Uruguay would be considering a pilot initiative based on a digital currency for the country. From the BCU it has been stated that 'it is not a cryptocurrency like Bitcoin.' What is sought is 'an asset that is the responsibility of the institution.' The BCU is finalizing the development of a six-month pilot plan for the issuance of a digital wallet, making it clear that it is 'a strategy that could well become a way of doing business'

This initial test will be conducted using 10.000 mobile devices from the company ANTEL, and will have a six-month implementation and testing process. Any user can participate in this experiment by downloading the mobile application from the website epeso.com.uy , accessing the digital wallet, registering, and making their first payment at Red Pagos – a payment collection agency in Montevideo – to create the digital wallet. It has also been stated that the system is available for both smartphones and conventional mobile phones.

The President of the Bank, Mario Bergara has commented: 'The first issue of digital banknotes consists of 20 million Uruguayan pesos, of which seven million have already been transferred to Red Pagos. This is not a new currency but the same national peso, but with a technological support instead of a physical one '

'Each person who owns the application will be able to charge a limit equivalent to 1.000 dollars, while companies will have available the amount of 6.600 dollars. The electronic wallet can be loaded into a collection network where physical tickets are exchanged for electronic ones'