The country’s central bank will focus on a wholesale CBDC, which will be mediated by banks.
The Governor of Bangko Sentral ng Pilipinas (BSP), Eli Remolona, has revealed the central bank’s intention to introduce a wholesale central bank digital currency (CBDC) in the next few years.
Speaking to a local newspaper, Inquirer.net, on Feb. 12, Remolona explained the details behind the BSP’s plan to develop a CBDC. The central bank will not use blockchain technology in the project, according to its head:
Instead, the CBDC will operate on a payment and settlement system owned by the central bank. The BSP will focus on a wholesale CBDC, which will be mediated by banks.