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.
