Central Bank of Philippines Announce A CBDC Research Project

The central bank of Philippines, has announced plans to go forward with a research project focused on central bank digital currencies (CBDCs).

The governor of Banko Central ng Pilipinas (BSP), the country’s central bank, Benjamin Diokno discussed the central bank’s digital initiatives and talked about the so-called “Project CBDC-Ph.” 

According to Dionko, “the BSP’s pilot project to build organizational capacity and hands-on knowledge of CBDC design, architecture, technology, and policy implications.”

In a 2020 overview of central bank digital currencies, the BSP indicated that it would conduct further research in this area. 

CBDC in the Philippines?

If the country will move forward and issue its own digital currency is not clear right now. Dionko commented on the matter last month:

“The BSP has no plans to introduce a CBDC in the near term primarily because the population remains heavily cash reliant given the country’s efficient and effective payment and settlement systems.”

BSP’s announcement comes as other central banks continue research and development on CBDCs from. China is one of the leading countries in the field, and showcased a digital yuan during the recent Winter Olympics, after building the launch over the past year and a half.