Philippine Central Bank Sees Digital Tokens To Improve Delivery Of Financial Services In The Country
Philippines Central Bank Recognises Digital Tokens To Improve Delivery Of Financial Services
September 21, 2020
Philippine Central Bank Sees Digital Tokens To Improve Delivery Of Financial Services In The Country
Philippines Central Bank Recognises Digital Tokens To Improve Delivery Of Financial Services
September 21, 2020

The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP) recognises digital tokens as a means to reduce the use of fiat money and improve the delivery of financial services in the country, even as the country is still studying its own digital currency.

It has been reported by Bloomberg that Benjamin Diokno, the governor of the bank, said digital tokens “expand reach and lessen costs of financial services” as well as reduce the use of fiat money.

However, Diokno said that digital tokens improve how the central bank provides financial services to citizens.

According to the report, the Philippines is one of the country’s studying the launch of its own digital currency, as the BSP has said that its study will look at the feasibility of and potential policy implications of a central bank digital currency (CBDC).

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The country had already launched a blockchain-powered platform to distribute government-issued bonds.

As previously reported, CBDCs allow central banks to decrease their reliance on clearinghouses and cut costs and will enable them to implement monetary policies.

Thus, CBDCs can also be distributed to citizens digitally.

Source: Cointelegraph | Image: PAGEONE


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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