Philippines Central Bank Mulls CBDC Issuance

Philippines Central Bank Mulls CBDC Issuance

Gate Trade News Saturday, August 1, 2020 833 1

Central bank digital currency (CBDC) fever appears to be heating up across the APAC region as The Philippines announces plans to study the possibility of issuing its own sovereign virtual “coin.”


According to a report by Bloomberg on Wednesday (July 29, 2020), the Bangko Sentral ng Pilipinas (BSP) governor, Benjamin Diokno, revealed that the central bank has set up a committee for a potential CBDC project. The group will consider the possibility and policy implications of issuing its CBDC.


While speaking a virtual briefing the BSP Chief said that the government has a keen interest in blockchain technology. A statement from Diokno reads:


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