Central bank governor Benjamin Diokno said the wholesale CBDC may help the country address financial system problems like issues in large cross-border transfers, commercial bank money, and more.
The Bangko Sentral ng Pilipinas issued the warning at a time when the Philippines has become a global leader in play-to-earn games, making 40% of Axie users.
The Bangko Sentral ng Pilipinas is set to move forward with a research project on a national digital currency, called "Project CBDC-Ph," although the central bank says it doesn’t see a need for digital peso.
The Philippines will not be one of the rising numbers of countries that intend to issue a central bank digital currency despite touting a wholesale state bank-backed digital currency previously.
The Bangko Sentral ng Pilipinas is exploring the use of a central bank digital currency in the near future, but Governor Benjamin Diokno believes that it will be only viable for wholesale transactions.
The new guidelines include the need to apply for an operating license, the minimum capital for service providers and stringent anti-money laundering programs.
The Bangko Sentral ng Pilipinas said significantly more research was required before it would champion a digital peso.
The move coincides with developments around the Virtual Banking Act, which some lawmakers hope will pass before the end of 2020.
The Personal Equity and Retirement Account (PERA) is a voluntary account that allows residents aged 18 and above to prepare for their retirement.
The International Monetary Fund has told the central bank of the Philippines to begin collecting data from local crypto exchange users.
Atomtrans Tech Corp. and Tokyo-based Telcoin Corp both received permission to operate in the Philippines.