In the current times, the Philippines has started emerging as a state that is more than interested in adopting crypto-blockchain technology. However, the recent announcement made by the governor of the Philippines’ central bank has dropped rather sad news on its users.
A few weeks back, the governor of the Central Bank of the Philippines ‘Benjamin Diokno’ made an announcement related to CBDC. He announced that the central bank of the Philippine has been closely monitoring as well as studying the central bank digital currencies.
After careful analysis and assessment of the CBDC model, they have come to a conclusion. The Philippines’ central bank has come to the conclusion that they are currently not prepared to adopt the CBDC model. Therefore, the country will currently not be focusing on introducing its digital peso.
In the Early Summers, it was announced by the Bangko Sentral ng Pilipinas that it was conducting its investigation on crypto-assets. It would work and investigate the requirements for building up infrastructure for the Central Bank Digital Currency system.
On top of that, it would also go through the pros and cons of launching digital-pesos in the Philippines. In the recent press-release, Diokno was very confident when he commented on the future of the CBDC in the Philippines. He stated that the Philippines currently has no plans of launching its own central bank-backed digital-peso.
He stated that the yields from their recent research on the CBDC have revealed that they currently need more research and time in the CBDC sector. They would need to do this in order to establish connections and networks between the financial institutions and central banks.
So far, the central bank has established the basics issues that can be faced with the CBDCs. The central bank is currently focusing on payments, settlement systems, regulatory oversight, legal frameworks, monetary policy, and financial inclusion.
The governor of the Central Bank of Philippines however has stated their initial approach to the CBDC model. He stated that in the initial phase, the central banks will study the outcome from the private distribution of the digital-assets. If things turn out to be positive, they will focus on launching the digital-peso model.