In 2020, the Central Bank of the Philippines announced its intention to issue a digital currency, with the goal of reducing the use of physical cash in the country.
The CBDC project plans to achieve this within the next two years, according to the head of the Central Bank, Eli Remolona Jr.
Unlike other central banks that have attempted to use blockchain technology for their digital currencies, the Philippines has learned from their mistakes and will not be utilizing decentralized technology. Instead, they will be creating a digital currency that does not rely on the blockchain.
Furthermore, the CBDC will not be integrated into the state’s banking system and will only be used for large transactions, with no involvement in retail settlements.
