The Philippines has become the latest country to look at the possibility of releasing its own central bank digital currency, or CBDC.
On July 29 Bloomberg reported that the Philippine central bank, or Bangko Sentral ng Pilipinas, or BSP has formed a committee to consider the implication of such a move.
The Philippine central bank is looking at issuing its own digital currency, Governor Benjamin Diokno says https://t.co/f449aKj8Wb — Bloomberg Economics (@economics) July 29, 2020
In a virtual briefing, Governor Mark Diokno explained that the group was initially just looking at the feasibility and potential policy implications of issuing a digital currency:
“We have to first look at the findings of the group before making a decision.”
The first results of the committee’s investigation is expected to be in August.
Diokno himself believes that digitally issued currencies do pose a threat to demand for fiat money as of yet.
Diokno also echoed the view of many central banks and governments, which is that blockchain technology is as important as the cryptocurrencies it supports:
“Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it.”
Recently, the Philippine treasury launched a blockchain-based application for distributing government-issued bonds.
Meanwhile, the local Securities and Exchange Commission meanwhile, has been warning the public against potential scams in the crypto sector.
Source: Cointelegraph | Image: Unsplash