Philippines Central Bank Approaches to Digital Currencies


The Central Bank of the Philippines, which is rapidly carrying out its own digital money studies, said that financial services can be developed with a digital currency infrastructure. The head of the central bank announced that the Central Bank of the Philippines, along with digital currencies, could reduce the use of fiat money.

Philippine Central Bank Governor Benjamin Diokno recently told Bloomberg that it is easier for people to access digital assets and digital currencies will reduce financial service costs. Diokno stated that there have been extensive negotiations on many issues such as price stability and legal obstacles for the digital central bank currency (CBDC) that is planned to be issued.

Signals of Cooperation for Digital Currencies from the Governor of the Central Bank of the Philippines

Bangkok Governor Veerathai Santiprabhob announced that the Central Bank of Thailand (BoT) has accelerated its work for its digital currency at the financial technologies fair in Bangkok. In the governor’s statements, he expressed that digital money is being tested at local companies and he hopes large companies will adopt this technology as soon as possible.

Diokno stated that although there is no official cooperation activity within the scope of digital money in line with the developments experienced, this process can be carried out with a continuous information sharing and close communication with Thailand.

Philippines Is Closer To All Cryptocurrencies, Not Only To CBDC

The Philippines is also very keen on other cryptocurrencies compared to most countries that want to issue digital central bank money such as China. For the wider use of many cryptocurrencies such as Bitcoin and Ethereum, the country that goes to legalization; introduced a flexible regulation to digital assets. According to the statements of the central bank, there are currently 16 digital currency exchanges operating in the Philippines.


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