Money

BSP-backed digital currency unlikely under Diokno’s watch

Bangko Sentral ng Pilipinas Governor Benjamin Diokno does not see the central bank launching a digital version of its own currency during his term, saying more research needs to be done to assess the feasibility of such a move.

The initial results of a study recommended continuing research and capacity building due to certain risks.

“The end of my term is 2023. Most central banks say they will not issue a CBDC within the next 5 years, so not within my term,” Diokno told reporters.

Diokno said the research would enable the BSP to “keep pace with, and enhance its readiness to adjust and evolve amid rapid technological developments.”

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