The Bangko Sentral ng Pilipinas (BSP) is not keen on issuing its own digital currency anytime soon, as it needs to be studied further, its chief said on Thursday. In a virtual briefing, BSP Governor Benjamin Diokno told reporters that the Bangko Sentral releasing a central bank digital currency (CBDC) was unlikely “within the next five years.”“Most central banks say they will not issue a CDBC within the next five years. “While CBDC is a digital currency, it fundamentally differs from privately issued digital currencies or cryptocurrencies, as they do not have any central bank entity to back them up,“ Diokno explained. “Depending on the features, owners of bank-based deposit accounts may shift to CBDC,” Diokno said. [The] BSP can consult with [fellow] central banks for updates on their CBDC-related research,” Diokno said.

Source: Manila Times October 22, 2020 16:26 UTC