Share this article
BTC
$84,796.11
+
1.21%ETH
$1,598.28
+
1.26%USDT
$0.9997
-
0.02%XRP
$2.1135
+
1.74%BNB
$586.99
+
0.91%SOL
$133.99
+
6.83%USDC
$0.9999
-
0.01%TRX
$0.2482
-
2.10%DOGE
$0.1569
+
2.47%ADA
$0.6205
+
2.63%LEO
$9.4593
+
1.00%LINK
$12.50
+
2.89%AVAX
$19.32
+
2.45%TON
$2.9588
+
3.59%XLM
$0.2380
+
1.16%SHIB
$0.0₄1192
+
2.02%SUI
$2.1128
+
2.16%HBAR
$0.1599
+
2.02%BCH
$334.51
+
5.19%LTC
$75.36
+
1.76%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Philippines Central Bank Governor: No Digital Peso Before 2023
The central bank won’t pursue a CBDC for the duration of Governor Benjamin Diokno's term, which ends in 2023.
The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSG), won't be issuing a central bank digital currency (CBDC) anytime soon, according to a report by CNN Philippines.
Story continues
BSG Governor Benjamin Diokno told reporters during a press briefing on Thursday the bank wouldn’t pursue a CBDC for the duration of his term, which ends in 2023.
- The announcement follows an exploratory study the central bank conducted into the viability of a state-backed digital currency. Diokno said much more work needs to be done before a digital peso can be issued.
- "Most central banks say they will not issue [a] CBDC in the next five years, so not within my term," said Diokno, according to the report.
- CBDCs have received a lot of attention from central banks worldwide recently, and in the case of the Bahamas has actually released one, the sand dollar. The International Monetary Fund recently issued a report noting that while a CBDC may help some countries gain more control over their monetary systems, it would not qualitatively change the economic forces that determine international currency usage.
