The head of the Central Bank of the Philippines, Eli Remolona Jr., said that the country's authorities plan to issue a "wholesale" digital currency (wholesale CBDC) within two years, the Inquirer writes.
The representative of the institution ruled out the use of blockchain for this project. According to him, other banking organizations have already tried to apply the mentioned technology to launch CBDC and have not achieved a positive result.
The Central Bank of the Philippines believes that wholesale trade using digital currency will increase the efficiency, security and reliability of payments. At the same time, the use of CBDC in retail operations may create additional risks for the banking sector.
In April 2022, the Central Bank of the Philippines announced for the first time a project to launch a "wholesale" digital currency. The program was named CBDCPh. Its main goal was to conduct a comprehensive review of the CBDC, as well as an assessment of the payment instrument in the context of the national financial system.
The Philippines is not the only country that is making progress in exploring this means of payment. In February 2024, it became known that the Indian authorities intend to analyze offline solutions for the implementation of CBDC.