Philippines Central Bank looking into issuing its own digital currency

The Philippines has joined the list of Asian countries, including Japan and China, working on a Central Bank Digital Currency.

The Philippine Bangko Sentral ng Pilipinas (BSP) announced conducting research into a Central Bank Digital Currency (CBDC). The bank formed a committee to explore options for a digital currency.

Governor Benjamin Diokno stated that they will make a decision when they have the final results of the research. The first findings of the study are expected in August.

Diokno also said that he does not believe fiat currencies are going away any time soon. He also confirmed what many central banks and governments have stated that the underlying blockchain technology has potential and value than the digital currencies it supports.

Philippines Central Bank looking into issuing its own digital currency

Dionko stated:

Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it.

Bank of Japan, Bank of England and European Central Bank have collaborated on the assessment of a potential digital currency already while China has gone further in testing of its own digital currency.

Banque de France recently announced a list partners including Soc Gen, HSBC and six others with which it will build a central bank digital currency. The bank called for applications to experiment the use of central bank digital currency for interbank settlements.

Read Also: