Philippines’ Central Bank To Launch CBDC Pilot Program
- The Philippines will launch a pilot program for a central bank digital currency (CBDC).
- The announcement came from Bangko Sentral ng Pillipinas (BSP) and the Alliance for Financial Inclusion.
- BSP’s announcement follows continued research and development in the CBDC space.
The Philippines will launch a pilot program for a central bank digital currency (CBDC).
In a speech transcript published on March 4, the Philippines’ central bank governor announced the rollout of a CBDC project at a joint event that was organized by Bangko Sentral ng Pillipinas (BSP) and the Alliance for Financial Inclusion.
According to BSP chief Benjamin Diokno, the project aims to improve “the payment system’s safety, resiliency, and efficiency.”
Diokno also went on to highlight the potential impact of CBDCs. The BSP governor noted that a CBDC would assist in government-run cash assistance programs, and is confident that this can be used to offer immediate support to vulnerable segments of the country’s society.
The governor did, however, highlight that the monetary authorities and regulato ...
Read more: https://coinquora.com/philippines-central-bank-to-launch-cbdc-pilot-program/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
