Philippines Central Bank launched research on national cryptocurrencies

The project aims to assess the prospects for the use of state digital currencies

07.03.2022 - 09:45

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What’s new? The Bangko Sentral ng Pilipinas, the central bank of the Philippines, launches a research project on state-owned cryptocurrencies, The Block reports. The Governor of the Central Bank, Benjamin Diokno, has approved the project, which has been dubbed “Project CBDC-Ph.” The research will examine the architecture and technologies of digital state currencies and show the prospects for their use.

The Block’s material

What preceded it? It was previously reported that the Central Bank of the Philippines does not intend to launch its own state-owned cryptocurrency. Benjamin Diokno in a Global Source Partners report said:

“The BSP has no plans to introduce a CBDC in the near term primarily because the population remains heavily cash reliant given the country’s efficient and effective payment and settlement systems.”

What is CBDC? Central Bank Digital Currency is the central bank’s digital currency. It is a digital form of fiat money, which is a legal tender. CBDC is created and fully controlled by the country’s central bank, unlike decentralized cryptocurrencies.

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