Peru’s banking regulator has initiated a pilot program that introduces a controlled cryptocurrency platform, which is Peru’s first legitimate engagement with digital assets. Named Cryptococos, this initiative allows selected customers of Banco de Crédito del Perú (BCP) to buy and hold Bitcoin and USDC, with BitGo overseeing custody.
To enroll in this pilot, participants are required to sign up, demonstrate a minimum banking history with BCP, and complete an investment risk assessment. According to an announcement released on Thursday, approved users will transact solely within a closed-loop system for Bitcoin and USDC, which prohibits transfers to external wallets. This structure aims to maintain transparency and adhere to anti-money laundering and counter-terrorism financing regulations.
Notably, this marks the first instance where a regulated bank in Peru is permitted to offer digital asset access to its clientele. Established in 1889, BCP is the oldest and largest financial institution in Peru, currently managing approximately $52 billion in assets as of December 2024.
BitGo, which provides digital asset infrastructure, was founded in 2013 in the US and offers a range of services including crypto custody and trading to institutional clients globally.
The Trajectory of Crypto in Peru
While Peru acknowledges the use of digital assets, the regulatory framework for cryptocurrency remains ambiguous due to inconsistent regulations. Nevertheless, numerous crypto fintech entities have been pushing for advancements.
One such company is Lemon Cash, based in Argentina, which has been operational in Peru since August 2024 using a hybrid model. The firm has a licensed partner approved by the SBS, allowing it to issue electronic money for transactions in Peruvian soles while its crypto exchange operates under an El Salvador license.
Since launching in Peru, Lemon Cash has garnered 1 million users and issued over 150,000 Visa cards. Most recently, on Wednesday, the company declared a $20 million Series B funding round led by US investment firms F-Prime and ParaFi, aimed at expanding its reach to other Latin American markets.
Despite sluggish regulatory developments, there appears to be a warming reception from Peru’s central bank and government towards digital assets. In 2024, the Central Reserve Bank of Peru (BCRP) introduced a digital currency in collaboration with Bitel, aimed at enhancing financial inclusion for rural populations.
In September 2025, Cointelegraph en Español reported that Peru is set to unveil a pilot digital voting program in collaboration with Stamping.io, a digital identity startup, integrating blockchain into the voting process in preparation for the national elections on April 12, 2026.
