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Jul 31, 2020

The Central Bank of the Philippines sets up a committee to consider issuing a CBDC

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The Central Bank of the Philippines confirmed in a briefing that it has set up a committee to conduct preliminary research on the issue of digital currency and plans to announce its findings in August.

The Philippines has become the latest country to study the possibility of its central bank digital currency (ie, CBDC).

According to a Bloomberg report on July 29, the Central Bank of the Philippines, also known as the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), also known as BSP by locals, has established a committee to study the significance of issuing CBDC.

In a virtual briefing, President Mark Diokno explained that the group initially only studied the feasibility and potential policy implications of issuing digital currencies.

“We have to look at the results of the group’s research before making a decision.”

The committee’s first findings are expected to be announced in August. Diokno himself believes that digitally issued currencies will not currently pose a threat to the demand for legal currencies.

Philippine authorities master blockchain technology

Diokno also reiterated the views of many central banks and governments that blockchain technology is as important as the cryptocurrency it supports.

“For us, cryptocurrency has always surpassed the asset itself, but it is more about the blockchain technology that supports it.”

According to reports, the Philippine Ministry of Finance recently launched a blockchain-based application for the distribution of government-issued bonds.

At the same time, the local Securities and Exchange Commission has been warning the public of potential scams in the crypto sector.

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