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Philippines central bank plans to move research project of CBDC

The Philippines' central bank plans to study the possibility of creating its own digital currency.

The Philippines’ central bank, the Bangko Sentral ng Pilipinas, plans to proceed with a study project on central bank digital currencies.

Governor Benjamin Diokno outlined the central bank’s digital initiatives, including the so-called “Project CBDC-Ph,” in a speech script posted  March 4 and dated February 28.

“The BSP’s pilot project to enhance organisational ability and hands-on experience of CBDC design, architecture, technology, and policy implications,” as per Dionko. In a 2020 assessment of central bank digital currencies, the BSP said that it would conduct more research in this field.

At this time, it’s uncertain whether the country will move forward with its own digital currency. The BSP “has no intentions to adopt a CBDC in the coming years,” according to Dionko, “mainly because the population remains highly cash dependent given the country’s well organised  and productive  payment and settlement infrastructure.”

The BSP’S make an statment  as other central banks, like the US Federal Reserve, continue to do investigation and development in this field. During the last Winter Olympics, China demonstrated a digital yuan, building over one and half years of development.

 

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