The Bangko Sentral ng Pilipinas (BSP) finds the proposed use of Central Bank Digital Currency or CBDC unjustified, given the current payment preferences of Filipinos.
This was the main takeaway from Friday’s virtual hearing of the House Committee on Banks and Financial Intermediaries, which discussed the potential of institutionalizing CBDC as proposed in House Bill (HB) Nos. 6646, 6652, and 6716. Quirino lone district Rep. Junie Cua chairs the panel and is one of the authors.
BSP Director Melchor Plabasan explained during the hearing that CBDC would act as another kind of money like bills and coins, but in digital form.
Continue read: https://news.mb.com.ph/2020/06/19/central-bank-digital-currency-unjustified-for-now-bsp-tells-house-panel/