Philippines: The Latest Country in Asia to Express Heavy Interest in Establishing A CBDC

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Philippines

The central bank of the country, Bangko Sentral ng Pilipinas (BSP), has confirmed to Bloomberg today that they are actively looking onto CBDCs and digital currencies in general. As proof of the country’s keen interest in CBDC, the Philippine central bank established a dedicated committee to handle the matter and seemingly confirmed their plans to launch their very own CBDC down the line.

The current governor of BSP, Benjamin Diokno, clarified that they are just looking onto digital currencies for educational purposes at first but have soon developed a strong interest in the topic and its beneficial prospects. He then said that they have to examine their findings first before they could go ahead and officially confirm any plans regarding the establishment of a Philippine CBDC. The initial results of the assigned committee’s examination are scheduled to release this coming August.

Notably, Diokno believes that digital currencies do not have enough firepower yet to even pose a threat to the supremacy of the current fiat money. He also echoed that governments and central banks worldwide see Blockchain technologies as equally important compared to the various cryptos it readily supports. In fact, for Diokno, Blockchain technology is seemingly more significant among the two.

The Philippines and digital currencies

This has been the very first time wherein the country publicly expressed any sort of interest in topics such as CBDCs. That is a stark contrast to its neighboring countries, such as Japan and China, who are seemingly always at the discussion regarding the development of their very own digitalized currencies.

That being said, the state of cryptos in the Philippines is seemingly in disarray. Despite their high interest in the topic, specifically Blockchains, the country has been unwelcoming for crypto platforms as well. The Philippine SEC has recently branded the most prominent Ethereum dapp worldwide as nothing but unregistered security and a very risky concept.

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