The Philippine central bank is considering issuing its own CBDC

The central bank of the Philippines (BSP), is looking at the feasibility of issuing its own central bank digital currency (CBDC).

Bloomberg reported the news on Wednesday, saying that the central bank has created a committee to study digital currencies and its policy implications. Governor Benjamin Diokno said the central bank would look at the findings of the committee before taking any decision.

“We have to first look at the findings of the group before making a decision,” Diokno said in a virtual briefing. The initial results of study is expected next month.

Diokno said he doesn’t see the prevalence of digital currencies affecting demand for fiat money yet.

“Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it,” he said.

Central Bank Digital Currency (CBDC) is the digital form of a fiat currency of a nation or territory and is issued and regulated by the competent monetary authority of that country. Theoretically, CBDC creates a new digital mechanism to solve the problem of real-time transferring of money between two parties, thus helping international transactions to happen easily without intermediate steps like in traditional bank transactions.

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