The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSG), won’t be issuing a central bank digital currency (CBDC) anytime soon, according to a report by CNN Philippines.
BSG Governor Benjamin Diokno told reporters during a press briefing on Thursday the bank wouldn’t pursue a CBDC for the duration of his term, which ends in 2023.
- The announcement follows an exploratory study the central bank conducted into the viability of a state-backed digital currency. Diokno said much more work needs to be done before a digital peso can be issued.
- “Most central banks say they will not issue [a] CBDC in the next five years, so not within my term,” said Diokno, according to the report.
- CBDCs have received a lot of attention from central banks worldwide recently, and in the case of the Bahamas has actually released one, the sand dollar. The International Monetary Fund recently issued a report noting that while a CBDC may help some countries gain more control over their monetary systems, it would not qualitatively change the economic forces that determine international currency usage.
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