Philippine central bank begins study into issuing its own digital currency

The Philippine central bank has formed a working group to study the need for, and potential consequences of, issuing its own digital currency (CBDC). Bloomberg, citing the central bank governor, Benjamin Diokno.

A final decision on issuing a CBDC will be made after the working group’s findings, he stressed.

The initial results from its work are expected next month.

Diokno stressed that, to date, the rise in cryptocurrency popularity has not affected demand for fiat money.

Earlier, the Philippines’ largest bank, UnionBank, became the first financial institution in the country to issue its own stablecoin and to carry out first transactions with it.

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