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October 30, 2020
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Philippines sees the potential of blockchain tokens |

Does the Filipino central bank want to bet on digital tokens based on blockchain technology? He admits that he sees them as a way to reduce the use of fiat money and improve the provision of financial services in his country. Let us add that we are talking about a country that is still researching the topic of its own digital currency.

Philippines and tokens

In an interview with Bloomberg the governor of the Philippine central bank of Bangko Sentral ng Pilipinas (BSP), Benjamin Diokno, said the digital tokens “Increase the range and reduce the cost of financial services”, and also reduce the use of fiat money. He also added that they are improving the way the central bank provides financial services to its citizens.

CBDC

This is not the end, however. The Philippines is one of those countries that are considering launching their own digital currency. BSP has already reported that its research on this topic is related to the feasibility and potential consequences of CBDC emissions. The country has already launched a blockchain-based platform for distributing government-issued bonds.

“Cryptocurrency has always been more than just an asset to us, but more of the blockchain technology that underpins it.”

– said the governor of the bank in July.

Let us remind you that today central banks around the world are constantly experimenting with the digital currencies they want to issue. Several banks have made impressive progress in this area and some are just starting their work in this area. For example, the People’s Bank of China has the best chance of becoming the first major central bank in the world to issue CBDCs. It is currently testing its national digital currency, known as DC / EP (Digital Currency Electronic Payment), in several cities across the country.

Earlier, the Bank for International Settlements released a report saying that the ongoing global pandemic has prompted central banks to speed up CBDC research as people avoid transactions in physical money.

Regarding the European market, the Central Bank of France has presented a list of companies selected to start their experiments on the “central bank digital currency” (CBDC).

Polish authorities for similar initiatives in our country He asked Przemysław Koperski, MP. So far he has not received an answer.

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