Philippines Central Bank has created a committee to examine its own Digital Currency

Philippines Central Bank has created a committee to examine its own Digital Currency

The Philippines Central Bank is recognizes the potential of digital currencies and is beginning to explore its benefits, informs Bloomberg.

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29 Jul 2020 , 18:02 @ Katie Müller

Philippines Central Bank has created a committee to examine its own Digital Currency

The Philippines Central Bank is recognizes the potential of digital currencies and is beginning to explore its benefits, informs Bloomberg.

Governor Benjamin Diokno came up with the first information and confirming that the Philippines Central Bank has created a committee to examine digital currency, with the task of looking at all aspects of feasibility and political consequences.

Benjamin in a virtual briefing said:

We have to first look at the findings of the group before making a decision,

The first results should be available next month

Among the main factors why the bank decided to take this step is the increased interest of the world’s largest central banks, including the Bank of England, Japan and China.

Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it,

Benjamin added.

Read also: BANQUE DE FRANCE has selected eight new candidates for experiments with the Digital Euro

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