The Philippine central bank said it would not develop a retail central bank digital currency, and the wholesale CBDC will be deployed on a custom-built infrastructure independent of blockchain technology.
On the night of Blockchain Social Philippines, nChain revealed its plans for the Philippines' road to blockchain adoption, such as creating its immersion program and hosting the Block Dojo launch in the country.
Bank of Mexico's Deputy Governor Jonathan Heath confirmed that the CBDC will be operational in early 2024, giving the central bank around 12 months to work with.
Benjamin Diokno, who previously headed the central bank, believes that payment systems in the Philippines such as PesoNet are working just fine as it is.
UnionBank raised PHP11 billion (US$208 million) in the first-ever digital peso bond offering in the Philippines, marking a successful proof of concept for the utilization of blockchain in the country.
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 Mexican government tweeted that the Bank of Mexico intends to have a digital peso in circulation by 2024 as the country targets financial inclusivity.
The Bangko Sentral ng Pilipinas said significantly more research was required before it would champion a digital peso.
