Philippines Central Bank leaning towards digital currency issuance
According to the report released by Bloomberg, the Philippines will be considering the possibility of releasing its own virtual coin.
The Bangko Sentral ng Pilipinas (BSP) governor, Benjamin Diokno, said in his statement that the Central Bank has formed a committee to look at the feasibility and policy implications of issuing its own digital currency. As it turns out, the Philippines government has a strong interest in blockchain technology.
“Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it," shared Diokno.
The governor explained that the findings by the committee will inform the bank’s decision on whether to actually move on with CBDC plans. Therefore, the prevalence of digital currency will not be affecting the demand for fiat money just yet. The committee is expected to submit its findings by August 2020.
The Philippines is the latest country to show a strong interest in CBDCs. Quite a few central banks of other countries, including the Bank of England and Bank of Japan, also Thailand and China, have teamed up to research and assess the potential of developing their own digital currencies.
China is in the lead of the CBDC race among all the Asia-Pacific countries. The People’s Bank of China’s (PBoC) CBDC project has already undergone trials by major companies such as Starbucks, and McDonald’s.