The Philippines may have revealed its plans for a central bank-issued digital currency (CBDC). This follows after the Governor of Bangko Sentral ng Pilipinas (BSP) Remolona recently shared a statement to this effect.
Speaking to journalists, Remolona noted that the country will not be issuing a retail version of the digital currency. However, it plans to launch the wholesale version within two years.
Interestingly, it appears that The Philippines might be setting out on its CBDC journey a bit differently from many others. According to a report by the local news outlet, the country has no plans to use the blockchain or digital ledger technology that underpins many virtual assets.
The report quoted Remolona, who said:
“Other central banks have tried blockchain, but it didn’t go well.”
In his explanation, Remolona noted that the BSP plans to allow the CBDC to operate on a payment and settlement system owned by the central bank itself.
Philippines to Float Wholesale CBDC Only