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It is doubtful that the Bangko Sentral ng Pilipinas will launch a digital currency

Analysts say that the Bangko Sentral ng Pilipinas (BSP) isn't likely to issue its own central bank digital currency (CBDC) in the near future. There are two ways that CBDCs can be used: they can be used to exchange money, or they can be kept as a store of value. Central banks issue and regulate them. Bitcoin, on the other hand, doesn't have to be regulated by the central bank, so it's less volatile than other cryptocurrencies. He says that the BSP doesn't plan on having a CBDC in the near future, but that doesn't mean it won't in the future. There's a chance that the BSP is also thinking about cyberattacks against a wholesale CBDC system.

53 percent of Filipinos have a bank account as of the first quarter of 2021, according to research by Mr. Diokno. By the end of 2023, the BSP wants to have reached 70% of Filipino adults thru this project. In his words, "Self-executing smart contracts have the potential to be beneficial because they can be used to automate recurring payments." It would be better for cross-border payments if other central banks worked together. This would make them more efficient and cost-effective.

 

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