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. 

The leader in blockchain news, 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.