Benjamin E. Diokno, the Philippines’ central bank governor, announced the introduction of Project CBDCPh, a pilot implementation of a CBDC for the country.
Diokno also mentioned CBDCs and their possible impact. A CBDC, according to the BSP governor, would be able to assist in government-run monetary assistance programmes. He emphasised how the epidemic demonstrated the value of account-based financial aid delivery. This, according to Diokno, can be utilised to “give direct support to society’s most vulnerable parts.”
While there are numerous possible benefits, the governor also mentioned some of the project’s potential drawbacks, such as a lack of technological infrastructure. In the United States, Lael Brainard, a member of the Federal Reserve Board of Governors, has pushed the country to lead research and policy on CBDCs.
According to Brainard, the US dollar’s cross-border payment dominance could be undermined by CBDC advances in other countries, citing China as an example.
Let us just wait for the Indian CBDC.