The Filipino central bank is considering the creation of a CBDC
The Philippines central bank has become the last national monetary authority considering creating its own digital currency.
According to a Bloomberg report, Bangko Sentral ng Pilipinas (BSP) has set up a committee to assess the feasibility and political implications of such a move.
Governor Benjamin Diokno said a decision would not be made until the committee's findings, due to be presented in August, had been fully examined.
Diokno also said he did not expect traditional fiat currencies to disappear anytime soon and, in line with other central banks, said the underlying blockchain technology represented more potential value than some of the currently coveted digital currencies.
"Cryptocurrency has always been more than just an asset to us. It has been more of a blockchain technology for us that underpins cryptocurrencies." - He said.
The BSP is also not the only central bank exploring the idea of digital currency, despite concerns that central bank digital currencies (CBDCs), which are distributed directly to consumers, may create blurring with commercial banks. A group consisting of the Bank of England, the European Central Bank and the Bank of Japan had previously worked together to assess the potential of such a concept, and China was ahead of everyone in the race by launching a pilot program on millions of citizens.