Philippines Central Bank Governor: No Digital Peso Before 2023

The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSG), won't be issuing a central bank digital currency (CBDC) anytime soon, according to a report by CNN Philippines.

BSG Governor Benjamin Diokno told reporters during a press briefing on Thursday the bank wouldn’t pursue a CBDC for the duration of his term, which ends in 2023.

The announcement follows an exploratory study the central bank conducted into the viability of a state-backed digital currency. Diokno said much more work needs to be done before a digital peso can be issued.
"Most central banks say they will not issue [a] CBDC in the next five years, so not within my term," said Diokno, according to the report.
CBDCs have received a lot of attention from central banks worldwide recently, and in the case of the Bahamas has actually released one, the sand dollar. The International Monetary Fund recently issued a report noting that while a CBDC may help some countries gain more control over their monetary systems, it would not qualitatively change the economic forces that determine international currency usage.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jaspreet Kalra

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.