Instead of building on a decentralized blockchain network, the Philippine government has opted to develop a central bank digital currency to introduce digital assets in the country.
BSP to Introduce CBDC Within 2 Years
The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), has announced plans to launch a Central Bank Digital Currency (CBDC) within the next two years. This move is aimed at providing a stable and regulated alternative to the volatile cryptocurrency market.
Unlike typical digital currencies, the Philippine CBDC will not rely on blockchain technology. Instead, it will utilize the Peso Real Time Gross Settlement System under the National Payment Systems Act.
Retail vs. Wholesale CBDCs
Reports indicate that the BSP is likely to introduce a wholesale CBDC, which is primarily intended for institutional use. This approach is seen as a means to enhance the efficiency and safety of domestic and cross-border payments.
Retail CBDCs are intended for use by the general
We współpracy z: https://cryptodaily.co.uk/2024/02/philippines-turns-away-from-blockchain-embraces-cbdc-strategy
