Central Bank of Philippines Confirms Committee Formation To Study CBDC

In a virtual briefing, the central bank of Philippines has acknowledged that it has created a committee to look into issuing a virtual currency.

The nation has become the latest one to look at the likelihood of rolling out its own central bank digital currency.

As per a report published by Bloomberg on 29th July, the central bank of Philippines, Bangko Sentral ng Pilipinas, has structured an official committee to deliberate the consequences of launching its own virtual asset.

In a virtual briefing, Governor Mark Diokno elucidated that the group was primarily just mulling over the viability and possible policy implications of issuing a centralized cryptocurrency. He said,

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

The initial results of the committee’s inquiry are anticipated to come next month. Diokno himself is of the opinion that virtual currencies do not presently pose a risk to demand for fiat currency.

Furthermore, Diokno restated the opinion of numerous central banks and governments, which is that blockchain technology is as significant as the digital assets it supports.