Philippine central bank doubts imminent CBDC launch

The Philippine central bank’s working group sees a need for further study into the possibility of issuing its own digital currency (CBDC), the central bank governor Benjamin Diokno said. This was reported by Inquirer.

According to him, creating a CBDC will require considerably more time. The central bank plans to work out ways to improve the country’s existing payments system. He is interested in the results of studies by other regulators.

The authorities also did not rule out that the working group might need help from the International Monetary Fund and the Bank for International Settlements.

Earlier in July, the Philippines regulator began studying the need for and implications of issuing a CBDC.

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