Philippine central bank says more groundwork needed before it can issue digital currency

Benjamin Diokno. - PDI

MANILA (Philippine Daily Inquirer/ANN): The central bank recently completed its study on digital currencies as a potential future alternative to the current system of physical peso bills as a medium of transferring value, but the country’s chief monetary regulator said it is unlikely than one will be introduced in the near term.

In a press briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said planners who took a close look at the proposed central bank digital currency recommended continuing research, capacity-building, and the establishment of networks with central banks and institutions that are also conducting research on this scheme.