Does the Philippine central bank want to bet on blockchain-based digital tokens? It admits that it sees them as a way to reduce the use of fiat money and improve the delivery of financial services in its country. Let's add that we are talking about a country that is also still exploring the topic of its own digital currency. The Philippines and tokens In an interview with Bloomberg, the governor of the Philippine central bank Bangko Sentral ng Pilipinas (BSP), Benjamin Diokno, said that digital tokens "increase the reach and lower the cost of financial services" and reduce the use of fiat money. He added that they also improve the way the central bank provides financial services to its citizens. CBDC This, however, is not the end of the story. The Philippines is one of those countries that is considering launching its own digital currency. The BSP has already conveyed that its research on the subject is related to the feasibility and potential implications of issuing CBDC. The country has already launched a blockchain-based platform to distribute bonds issued by the government. "Cryptocurrency has always been more of an asset for us, but more of the blockchain technology that underpins it," - said the bank's governor in July. Recall that today central banks around the world, all the time are experimenting with the digital currencies they want to issue. Several banks have made impressive progress in this area, and some are just beginning their work in this area. The People's Bank of China, for example, is most likely to become the first major central bank in the world to issue CBDCs. It is currently testing its national digital currency, dubbed DC/EP (Digital Currency Electronic Payment), in several cities across the country. Earlier, the Bank for International Settlements released a report saying that the ongoing global pandemic has prompted central banks to accelerate CBDC research because people are avoiding transactions made in physical money. As for the European market, the Central Bank of France presented a list of companies selected to start their experiments on "central bank digital currency". (CBDC). Przemysław Koperski, MP, asked the Polish authorities about similar initiatives in our country. So far, he has not received an answer. Tags cbdc Philippines tokens
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