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2020-07-30

Philippines is considering introducing the CBDC

The Philippines has become the newest country to look into the possibility of freeing its own digital central bank currency, the CBDC.

According to the July 29th Bloomberg report, the Philippine central bank, or Bangko Sentral ng Pilipinas, or BSP, as it is known locally, has formed a committee to consider the effects of such a move.

In a virtual briefing, Governor Mark Diokno explained that the group was initially only concerned with analysing the feasibility and potential political consequences of the digital currency issue.

The first results of the committee's investigation are expected in August. Diokno himself believes that digitally issued currencies are not currently a threat to the demand for FIAT money.

Diokno also reiterated the view of many central banks and governments that blockchain technology is just as important as the crypto currencies it supports.