The Philippines has joined the list of Asian countries, including Japan and China, working on a Central Bank Digital Currency.
The Philippine Bangko Sentral ng Pilipinas (BSP) announced conducting research into a Central Bank Digital Currency (CBDC). The bank formed a committee to explore options for a digital currency.
Governor Benjamin Diokno stated that they will make a decision when they have the final results of the research. The first findings of the study are expected in August.
Diokno also said that he does not believe fiat currencies are going away any time soon. He also confirmed what many central banks and governments have stated that the underlying blockchain technology has potential and value than the digital currencies it supports.