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Post: The Future of Digital Currency: Bangko Sentral ng Pilipinas to Introduce Wholesale CBDC in Unique Approach

The Future of Digital Currency: Bangko Sentral ng Pilipinas to Introduce Wholesale CBDC in Unique Approach

Key Points:

  • The Governor of Bangko Sentral ng Pilipinas (BSP) plans to introduce a wholesale central bank digital currency (CBDC) in the next few years.
  • The CBDC will operate on the Payment and Settlement System owned by the central bank, rather than using blockchain technology.
  • The BSP will focus on the wholesale CBDC, which will be mediated by banks.

Elaboration:

Governor Eli Remolona Jr. of Bangko Sentral ng Pilipinas (BSP) has expressed his intention to introduce a wholesale central bank digital currency (CBDC) in the near future. Unlike other CBDC projects, this one will not utilize blockchain technology. Instead, it will run on the Payment and Settlement System, which is owned by the central bank. The BSP’s focus will be on the wholesale CBDC, which will involve the participation of banks in its mediation.

Hot Take:

The decision of the BSP to develop a wholesale CBDC on its existing Payment and Settlement System instead of employing blockchain technology highlights the diversity of approaches taken by different central banks. While blockchain has been a popular choice for CBDC projects, the BSP has chosen an alternative path. This demonstrates that there is no one-size-fits-all solution when it comes to implementing CBDCs, and each country must assess its unique circumstances and requirements.

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