Many countries, especially China, started to issue their own central bank digital currency. Philippines is also added to these countries. The Central Bank of the Philippines steps in for the CBDC.
Philippines central bank Bangko Sentral ng Pilipinas (BSP) will launch a wholesale central bank digital currency (CBDC) pilot project called CBDCPh.
BSP chief Benjamin Diokno said at the annual meeting of policymakers that he would test the feasibility of using CBDCs “on a 24/7 basis in a limited number of financial institutions.”
CBDC Move Arrived from Philippines
Diokno made the following statements in his speech:
“Learned from pilot, BSP’ It will be critical in establishing the medium and long-term roadmap for more advanced wholesale CBDC projects that will further strengthen the Philippine payment system.”
Diokno said a wholesale CBDC could help reduce friction in cross-border money transfers, stock settlements and intraday liquidity. According to
BSP, approximately 20.1% of monthly retail transactions, up from 10% in 2018, were made using digital payment methods in the Philippines at the end of 2020.
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