BSP eyes testing central bank digital currency in last quarter of 2022: official

Jessica Fenol, ABS-CBN News

MANILA - The Bangko Sentral ng Pilipinas on Thursday said it was eyeing the pilot test of the central bank digital currency by the last quarter of the year. The pilot for the project called <a href="https://news.abs-cbn.com/business/04/27/22/bsp-to-test-digital-money-for-wholesale-transactions">CBDCPh</a> aims to assess the impact of the new financial tool on the country&#x27;s economy and monetary policy, Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan said during a televised briefing. &quot;Tayo po ay sinisikap po natin na makapag pilot tayo ito pong last quarter ng taon na ito. Kailangan natin mag pilot para makita natin kung among magiging epekto nito sa ekonomiya at monetary policy,&quot; Tangonan said.(We are trying to pilot on the last quarter of the year. We need to do this, to see what would be its effect to the economy and the monetary policy)He added that the BSP wants to see if it can replicate the benefits seen by other central banks such as faster transactions.Unlike cryptocurrencies like bitcoin which are unregulated and don&#x27;t have a central issuing authority, a CBDC is issued and regulated by a nation&#x27;s monetary authority or central bank. While cryptocurrencies tend to fluctuate wildly in value, a CBDC&#x27;s value is pegged to a nation&#x27;s currency. Tangonan meanwhile emphasized that its digital currency would be used for wholesale or large transactions and not for retail.The use of blockchain technology and cryptocurrency has inspired central banks globally to explore CBDCs.Currently, other central banks, such as China and South Korea are also testing the use of CBDCs.The BSP has been proactive in its digitalization approach to drive financial inclusion. It has released policies regulating e-money issuers as well as approved digital banks as a new banking category.It has also implemented online fund transfers InstaPay and PESONet under the country&#x27;s National Retail Payment System or NRPS.Under its roadmap, the BSP aims to digitalize 50 percent of payments and onboard at least 70 percent of adult Filipinos to the formal financial system by 2023.But BSP Governor Benjamin Diokno said the accelerated pandemic-driven adoption of digital payments could help the central bank achieve its digitalization goals earlier than expected. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/16/21/bsp-eyeing-central-bank-digital-currency-use-in-near-future">BSP eyeing central bank digital currency use in &#x27;near future&#x27;, Diokno says</a></li>	<li><a href="https://news.abs-cbn.com/video/business/03/14/22/diokno-says-no-urgency-in-using-cbdcs">Diokno says &#x27;no urgency&#x27; in using central bank digital currencies</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2015888" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Bangko Sentral ng Pilipinas on Thursday said it was eyeing to pilot test the central bank digital currency by the last quarter of the year. 

BSP eyes testing central bank digital currency in last quarter of 2022: official | ABS-CBN

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BSP eyes testing central bank digital currency in last quarter of 2022: official

BSP eyes testing central bank digital currency in last quarter of 2022: official

Jessica Fenol,

ABS-CBN News

Published Apr 28, 2022 12:39 PM PHT

|

Updated Apr 28, 2022 12:50 PM PHT

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CBDCs

central bank digital currency

digital currency

digital money

BSP

banking

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