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Philippines’ Central Bank To Launch CBDC Pilot Program -Breaking

by Mike Robinson

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Philippines’ Central Bank To Launch CBDC Pilot Program
  • Pilot program to establish a digital currency central bank in the Philippines (CBDC) will be initiated by the Philippines.
  • Bangko Sentral ng Pillipinas, (BSP), and the Alliance for Financial Inclusion announced this announcement.
  • BSP’s announcement follows continued research and development in the CBDC space.

Pilot program to establish a digital currency central bank in the Philippines (CBDC) will be initiated by the Philippines.

In a speech transcript published on March 4, the Philippines’ central bank governor announced the rollout of a CBDC project at a joint event that was organized by Bangko Sentral ng Pillipinas (BSP) and the Alliance for Financial Inclusion.

According to BSP chief Benjamin Diokno, the project aims to improve “the payment system’s safety, resiliency, and efficiency.”

Diokno also highlighted the potential benefits of CBDCs. The BSP governor noted that a CBDC would assist in government-run cash assistance programs, and is confident that this can be used to offer immediate support to vulnerable segments of the country’s society.

However, the Governor did highlight that both the monetary authority and regulato…

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