The Bangko Sentral ng Pilipinas is currently testing three use cases of a future central bank digital currency including securities settlement and in managing intraday liquidity.
Diokno said in 2020, when he first openly discussed the eventuality of a CBDC, that the ongoing research, collaboration and testing being conducted by the BSP technical working group on CBDCs will not likely result in a CDBC issuance in the next three to five years since a lot more has to be done, including shifting at least 50 percent of all payment transactions into digital.
The BSP said it will take some time before the Philippines is ready for a CBDC since several issues need to be settled and addressed first, such as payments safety and efficiency. “CBDCs could potentially have material impact on financial stability and monetary policy in the ASEAN+3 region. While CBDCs create opportunities for central banks to achieve their varying goals of efficiency, security, lower costs, and financial inclusion, the risks are not yet fully understood,” said AMRO.
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