Philippines may introduce non-blockchain CBDC in the next two years

The country's central bank will focus on the wholesale CBDC, which will be mediated by the banks.

The Governor of Bangko Sentral ng Pilipinas (BSP), Eli Remolona Jr., has revealed his intention to introduce a wholesale central bank digital currency (CBDC) in the next few years. 

Speaking to a local newspaper, the Inquirer, on Feb. 12, Remolona explained the details behind the BSP’s plan to develop a CBDC. The central bank won’t be using blockchain technology in this project as, according to its head:

Instead, the CBDC will operate on the Payment and Settlement System, which the central bank owns. The BSP will focus on the wholesale CBDC, which will be mediated by the banks. 

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