With cashless transactions growing at phenomenal rate, the Bangko Sentral ng Pilipinas is studying the use of digital currencies.
Digital currencies are considered traditional money but in digital form.
BSP Governor Benjamin Diokno announced Wednesday the formation of a technical working group to study the feasibility and policy implications of issuing central bank digital currency (CBDC) in order to take advantage of these new technologies.
“ We have to first look into the findings of the group before making any decisions,” Diokno said in a livestreamed press briefing.
Issuing digital cash widens the range of options for monetary policy, makes financial system safer, encourages competition, innovation in the payments systems, and improve financial inclusion.
Source: Peso Economics
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