29 Jul 2020 · 1 min read

Philippines Central Bank May Decide on CBDC Issuance by Next Month

Another day, another central bank said it (conditionally) wants to issue a digital currency. This week it is the turn of the Philippines, whose central bank has created a committee that will examine the feasibility and policy implications of issuing a digital version of the fiat peso.

Source: Adobe/Calbo

The committee will report its initial findings in August.

Per Bloomberg, the Governor, Benjamin Diokno said that they “have to first look at the findings of the group before making a decision.”

Crypto adoption has been on the rise in the country this year, with a number of new crypto exchanges winning operating licenses from the financial regulator this year. Fifteen exchanges have thus far been given government permits.

However, the governor stated,

“Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it.”

Diokno added that he “doesn’t see the prevalence of digital currencies affecting demand for fiat money” in the near future.

Earlier this month, the Philippine Treasury announced a deal with the Union Bank of the Philippines and trading platform the Philippine Digital Asset Exchange (PDAX) that will see the parties co-create a blockchain-powered platform that will allow investors to buy and sell retail treasury bonds.

Last week, the French central bank stated that it was ready to enter the next phase of testing for its own CBDC project, with eight banks ready to participate in advanced pilots over the next few months.
Learn more:
Japanese Central Bank Creates Digital Currency Unit – Led by Satoshi!
Thai Central Bank Says Big Businesses Are Already Using its CBDC
South Korean Central Bank Launches CBDC Legal Advisory Unit
How CBDCs Might Change Our Daily Payments