Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency.
Diokno believes that digital tokens can help reduce the costs associated with providing certain financial services. They might also help the country’s reserve bank with reducing the use of fiat money, the governor stated.
As reported by Bloomberg Quint, the reserve bank in the Philippines is looking into the potential benefits that central bank digital currencies might offer. The bank has reportedly held “comprehensive discussions” on the regulatory requirements for issuing a state-backed virtual currency.