Philippines Central Bank Considers Issuing Its Own Digital Currency

·1 min read
A general view of the central bank of the Philippines building located in  On Sunday, June 30, 2019, in Manila, Philippines. (Photo by Artur Widak/NurPhoto via Getty Images)
A general view of the central bank of the Philippines building located in On Sunday, June 30, 2019, in Manila, Philippines. (Photo by Artur Widak/NurPhoto via Getty Images)

By Siegfrid Alegado

The Philippine central bank has created a committee to look at the feasibility and policy implications of issuing its own digital currency, Governor Benjamin Diokno said on Wednesday.

“We have to first look at the findings of the group before making a decision,” Diokno said in a virtual briefing. The initial results of study is expected next month.

Some of the world’s major central banks, including the Bank of England and Bank of Japan, have teamed up to assess the potential of developing their own digital currencies as new technologies and companies issuing their own digital tokens pose a challenge to monetary authorities. China has begun a pilot program for an official digital version of its currency.

Still, Diokno said he doesn’t see the prevalence of digital currencies affecting demand for fiat money yet.

“Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it,” he said.

© 2020 Bloomberg L.P.