Philippine Central Bank Starts Looking Into Launching CBDCs

The Philippine Central Bank is the latest one to confirm a dive into central bank digital currencies (CBDC) as it confirmed in a virtual briefing where they said they even formed a committee to launch the CBDCs so let’s find out more in the upcoming altcoin news today.

The Philippines became the latest country to start looking into Central bank digital currencies and there’s a high chance they will launch one soon enough. According to a report from Bloomberg, the Philippine Central bank or Bangko Sentral ng Pilipinas formed a committee that will look into CBCds and their implication on the country and the country’s economy.
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Governor Mark Diokno explained that the group formed initially to just learn more about the potential policy implications and feasibility of issuing a CBDC:

 “We have to first look at the findings of the group before making a decision.”

The initial results of the committee’s investigation can be seen in August as Diokno himself believes that the central bank digital currencies are not a threat to the demand for fiat money or the country’s economy. Diokno reiterated the view of many central banks and governments which that the blockchain technology is getting more important as the cryptocurrencies it supports:

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

The Philippine treasury recently launched a blockchain-based application for distributing government-issued bonds while the local Securities and Exchange Commission started warning the public against potential scams within the crypto sector.

As previously 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. This joint initiative will facilitate the development of local startups which are focused on the creation of smart city projects as well as applications. In the partnership, Philippines and BCB Blockchain will work towards research and development, promotional activities, hackathons, collaborative endeavors, smart city projects, and other initiatives.

The central bank of the Philippines wants to prove that it is one of the friendliest crypto-hubs in the world since the number of total approved crypto exchanges reached 10. Over the years, the country became a powerhouse for the crypto businesses because of the friendly regulations and the interest from the small and local companies. For example, the largest crypto exchange in Southeast Asia Coins.ph reportedly has 1 out of 10 Filipino adult users.