In its recent status report, the Bangko Sentral ng Pilipinas notes that the volume of digital payments had grown significantly, with retail payments reaching 42.1% and the value of digital payments at 40.1%.
Bangko Sentral ng Pilipinas said it will not be exploring the retail version of its central bank digital currency but will focus its efforts on transactions between financial institutions.
Novi is no longer a registered Virtual Asset Service Provider in the Philippines following BSP's decision to remove it from the list of digital wallets after its unfateful closure on September 1.
BSP Governor Felipe Medalla also cast aspersions on using the asset in payments over its extreme volatility and environmental impact.
