The Philippine central bank has confirmed in a virtual briefing that it has formed a committee to look into issuing a digital currency.
The Philippines has become the latest country to look at the possibility of releasing its own central bank digital currency, or CBDC.
According to a report by Bloomberg, July 29, the Philippine central bank, or Bangko Sentral ng Pilipinas, or BSP as it is known locally, has formed a committee to consider the implication of such a move.
In a virtual briefing, Governor Mark Diokno explained that the group was initially just looking at the feasibility and potential policy implications of issuing a digital currency.
“We have to first look at the findings of the group before making a decision.”
The first results of the committee’s investigation are expected in August.