Peru’s largest financial institution, Banco de Crédito del Perú (BCP), has reportedly completed the nation’s first crypto-based payment within the regulated banking sector.
As part of a controlled internal pilot, a BCP employee used a bank-issued digital token to purchase a coffee, marking a small transaction with major implications, according to a local report.
The transaction was completed via a QR code and supported by Fireblocks, a digital asset management platform that serves as the crypto infrastructure for token issuance, custody, and payments.
“What we did on Friday is probably the first crypto payment in the history of a bank in Peru,” said Lenin Tarrillo, Head of Blockchain and Cryptoassets at BCP. “It marks a path to begin challenging our own service models.”
Inside the Blockchain Gifts Pilot
The initiative, called Blockchain Gifts, is part of BCP’s internal innovation lab. It operates using public blockchain Polygon, but restricts token use through smart contracts. These tokens, named GIFT, are not tradable or market-facing. They are also exclusively issued to selected employees and to be used only at BCP’s in-house cafeterias.
The pilot focused on user experience rather than market speculation. Employees weren’t required to invest or expose themselves to crypto market volatility. The tokens also carry an expiration period, after which they are “burned”, which is a security and control measure.
“We wanted to understand how much difficulty a person who knows nothing about cryptocurrencies, but is familiar with digital wallets, might encounter when downloading a wallet, adding a token, and using it. Everything was provided by the bank, with no financial risk to the user,” Tarrillo explained.
Reportedly, BCP is also participating in CriptoCocos, another crypto project under Peru’s regulatory sandbox; however, it has not yet launched publicly. Although there isn’t a clear crypto regulatory framework in Peru, BCP is actively building up its own capabilities so that it will be prepared for regulations when they do come.
With this transformative move, BCP is integrating blockchain solutions into the country’s traditional finance. With over 1.5 million crypto users in the country, this initiative attempts to grow into cross-border payments and remittances.
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