The Philippine has become the newest country to look at the likelihood of launching its own CBDC [Central Bank Digital Currency].
In line with a recent report by Bloomberg on 29th July, the Philippine central bank, or Bangko Sentral ng Pilipinas, or BSP, has formed a committee to think about the implication of such a move.
In a virtual briefing, Governor Mark Diokno explained that the group was initially just watching the feasibility and potential policy implications of issuing a digital currency.
“We need to first check out the findings of the group before making a choice.”
The first results of the committee’s investigation are expected in August. Diokno himself believes that digitally issued currencies don’t currently pose a threat to demand for paper money.
Blockchain Technology & Adoption
Diokno also reiterated the view of the several central banks and governments, which is that blockchain technology is as important as the cryptocurrencies it supports.
“Crypto assets for us has always been beyond the asset itself but more on the blockchain technology that underpins it.”
As reported earlier, the Philippine treasury recently launched a blockchain-based application for distributing government-issued bonds.
The native SEC [Securities and Exchange Commission] meanwhile, has been warning the general public against potential scams ongoing within the cryptocurrency sector.