The Philippines Will Pilot Its CBDC Implementation: Report

The Philippines will pilot its CBDC implementation and the BSP Governor Benjamin Diokno said that the goal of the project is to enhance the system’s safety and efficiency so let’s read more in today’s latest cryptocurrency news.

With the world of finance continuing to transform, new forms of money are becoming even more challenging for monetary infrastructures which have been around for centuries. The central bank’s digital currencies caught the eye of various countries like the Philippines. In a joint event by Bangko Sentral ng Pilipinas, the central bank, and the Alliance for Financial Inclusion, BSP Governor Benjamin Diokno announced that the Philippines will pilot its CBDC implementation program and according to him, the project aims to improve the payment system’s safety and efficiency:

“The project aims to build organizational capacity and hands-on knowledge of key aspects of CBDC that are relevant for a use case around addressing frictions in the national payment system.”

Diokno outlined the potential impact on CBDCs. He said that a CBDC will be able to help in government-run-cash assistance programs. He also outlined that the pandemic showed the utility of account-based financial assistance distribution but he believes that this can be used to provide more support in the vulnerable sectors of the society.

While there are many other benefits, the governor outlined potential difficulties that the project could encounter like lack of technological infrastructure:

“Monetary authorities and regulators will need to build the requisite skills and technological capacity to effectively implement and manage the risks of CBDC issuance.”

In the US, Lael Brainard who is a member of the Federal Reserve Board of governors urged the US to launch research and policies when it comes to CBDCs. With the developments in China, Bainard said that the cross-border payment dominance of the dollar can be heavily impacted by CBDC developments in other countries.

As recently reported, the government of the Philippines and BCB Blockchain have signed a memorandum of agreement (MoA) under which one branch of the Philippines Department of Science and Technology (DOST) will support the development of local smart cities.
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BCB Blockchain contributed $300,000 to support the incubators and startup accelerators in the Philippines by signing an MoA with the Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEETRD).