3 months ago
1 min read
Philippines’ central bank to launch a secure digital currency, bypassing blockchain
Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, plans to launch a Central Bank Digital Currency (CBDC) in two years, presenting it as a stable and regulated alternative to the volatile crypto market. In contrast to other digital currencies, the Philippine CBDC will make use of the Peso Real Time Gross Settlement System, which is governed by the National Payment Systems Act, rather than blockchain technology. BSP Governor Eli Remolona Jr. underlined that the CBDC is motivated by China’s e-CNY success to offer a safer digital currency option. It provides a more secure option than the erratic