SANTIAGO (Reuters) – Chile’s central bank will decide in early 2022 on a strategy for the potential roll-out of its own digital currency, the bank’s president said on Monday, as policymakers worldwide seek to keep pace with fast-spreading cryptocurrencies.

Global regulators are taking action against digital coins after becoming alarmed by a market which has grown rapidly to $2 trillion. China announced Friday that it would ban all cryptocurrency trading and mining.

Mario Marcel, president of the central bank presented to legislators that he formed a working group with high-ranking officials to look at a medium term strategy for creating a digital peso to address “increasingly complex payments industry” needs.

Marcel explained that the Central Bank would present to lawmakers, starting in 2022, a plan with options and conditions for the eventual issue of a Chilean digital peso.

Marcel explained that Chile has seen a surge in digital payments. Over 40% of Chile’s household consumption was channeled through credit cards and similar systems as well as via digital transfers.

Global regulators are concerned that the growth of private-owned currencies may undermine their ability to control the financial and financial systems. This could increase systemic risks and promote financial crime. Investors will also be affected.

Marcel indicated that the work group would evaluate the effectiveness of Chile’s monetary policies and assess risks to Chile’s banking system.

Chile, an economically wealthy country in South America, boasts one of the most robust financial services and banks in the region for over a decade.