The Central Bank of Uruguay just rolled out its own digitized version of their peso. On November 3, Uruguay\u2019s central bank, Banco Central del Uruguay (BCU) published details on the six-month pilot program that would test digital versions or \u201ctickets\u201d representing the Uruguayan peso\u2014which CBU\u2019s head reiterates \u201cis not a cryptocurrency such as bitcoins\u201d and will remain under BCU\u2019s command. The test requires involves 10,000 subscribers to the government\u2019s telecommunications provider, Administraci\u00f3n Nacional de Telecomunicaciones (ANTEL) and requires users to download an application to their phone. They can then create a digital wallet and cash in through Red Pagos, a payments and collection agency. This would enable users to transact with merchants as well as other users in exchanges, even when they have older phones: \u201cthe mechanism is available for both smartphones and non-smartphones,\u201d BCU stated. \u201cThe first issue of digital tickets consists of 20 million Uruguayan pesos, of which 7 million were already transferred to Red Pagos,\u201d BCU added. BCU president Mario Bergara says this just a digitization of their existing fiat currency, and not a new one. \u201cThis is not a new currency, it is the same Uruguayan peso that instead of having a physical support has a technological support,\u201d Bergara said. \u201cIt is expensive to print tickets, the distribution in the whole territory, the security for the transport of the same, and also the opacity that the physical ticket promotes.\u201d Bergara adds that should the pilot run succeeds, a reasonably long adjustment time will be given to ease their citizen\u2019s transition to the digital currency: \u201cfor the comfort of all citizens, the transition will take a long time.\u201d Despite the challenges posed by digitizing traditional fiat, Uruguay isn\u2019t the only one exploring this trial. The UK, Sweden, Ecuador, Dubai, among others, are also dabbling with similar projects.