The Philippine Central Bank has set up a working group to study the need and possible implications of issuing own digital currency (CBDC). Bloomberg reports about it with reference to the statement of Benjamin Diokno the head of the CB.
A further decision on the release of CBDC will be made after the conclusions of the working group, he stressed.
The first results of its work are expected next month.
Diokno stressed that so far the rise in popularity of cryptocurrencies has not affected the demand for fiat money.
Recall that UnionBank, the largest bank in the Philippines, became the first financial institution in the country to issue its own stablecoin and have already carried out the first transactions with it.