The Bangko Sentral ng Pilipinas (BSP) is focusing more on the research and development of a wholesale central bank digital currency (CBDC) but it is also exploring possible uses for a retail CBDC.
The Bangko Sentral ng Pilipinas is focusing more on the research and development of a wholesale central bank digital currency but it is also exploring possible uses for a retail CBDC.
However, all other factors considered and based on the current setup of the Philippine digital payment system, a wholesale CBDC is still preferable. “ moving towards a central bank digital currency at the wholesale level so even if the banks are not open, transfers and trade can happen,” he said. “Digital currencies could be used to make remittance cheaper, whether that’s done by a private crypto or by a central bank-managed digital currencies, we’re open to both scenarios. The important point to us is that remittances, since many of our workers are working abroad, is how to make remittances cheaper, faster and safer,” said Medalla.
The BSP is currently conducting its Project CBDCPh which studies the potential risks and use in large-value 24×7 payment transactions of CBDCs for both banks and non-banks.
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