The Philippines central bank is now considering creating its own central bank digital currency (CDBC), it said during a virtual meeting, having formed a committee to address the issue, Bloomberg reported.
The bank, called Bangko Sentral ng Pilipinas or BSP, will look at the feasibility and potential implications of implementing a digital coin.
Benjamin Diokno, governor of the bank, said he doesn’t personally think the digital coins pose a threat to other types of currency. He added that while cryptocurrency is important, the blockchain technology behind it is equally so.
