Philippines to Launch Non-Blockchain CBDC within Two Years

Philippines to Launch Non-Blockchain CBDC within Two Years



Within the next two years, the Philippines is gearing up to launch a central bank digital currency (CBDC) that eschews blockchain technology, as announced by Eli Remolona, Governor of the Bangko Sentral ng Pilipinas (BSP). This move aligns with a global trend where digital tokens are being considered by regulatory bodies as a dependable method of payment and a secure store of value, providing an alternative to the fluctuating nature of cryptocurrencies. Remolona has decided on a wholesale approach for the CBDC, setting it apart from other central banks by avoiding blockchain.



This strategy is informed by the ineffectiveness of prior endeavors by central banks to harness blockchain for such purposes. By choosing a wholesale CBDC model, only banks will engage directly with this system, laying a foundation for retail banking to build


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#Blockchain, #CBDC, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #News, #Philippines, #Regulations

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