The Philippine Central Bank supports a bank-backed digital currency


It should be abundantly clear to almost everyone by now that digital currencies are going to be the next step in the evolution of money. While there will always be those who stubbornly refuse to accept change of any kind, even when it creates a better environment, the number of people who refuse to accept or embrace cryptocurrencies continues to dwindle. As the latest example of the role crypto is going to play in society, the Philippines are getting on board the central bank digital currency (CBDC) train with plans for launching its own digital currency.

Bloomberg reports that Benjamin Diokno, the governor of the Philippine central bank, has organized a team of individuals to explore the launch of a CBDC. The group will prepare a report on the merits – and possible pitfalls – of the digital currency, providing an in-depth analysis of the viability of the project. That report is expected to be ready sometime next month.

As has been the case in other countries that have explored their own CBDC, the concept isn’t necessarily driven by the use of crypto itself. Diokno explains, “Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it.” He adds that introducing a CBDC won’t threaten the country’s national currency and would, instead, work in tandem with the fiat counterpart.

So far, Japan, China, Switzerland, Sweden, France, the Marshall Islands, Bermuda and others have dived into the digital currency realm with their own CBDC projects. Each country is at different stages of development, but they have all embraced the idea only within the past 12-18 months – a short time considering the extensive history of money, and they all understand the benefits of including a digital version of money that can facilitate financial transactions cheaper, quicker and with more safeguards than found with fiat alternatives.

Even Visa, which had been strongly opposed to crypto as it started to gain international fame, is now jumping in. Cuy Sheffield, who was tapped to lead the company’s crypto projects, said recently, “I’d argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade. Regardless of anyone’s personal views of whether it’s good or bad, the reality is that global interest in it is not going away. As governments evaluate CBDC, the path that they decide to take will have major implications for privacy, monetary sovereignty, geopolitics, and financial inclusion, as well as global adoption of crypto dollars and Bitcoin.”

His comments are poignant and strike a harmonious chord with Bitcoin SV (BSV). Considered to be the original Bitcoin as laid out by Satoshi Nakamoto, BSV has adhered strictly to a policy of development that aligned itself perfectly to the framework implemented for the financial space, a framework that had been built over decades to protect consumers and financial operations. BSV sits at the top of the list in terms of providing support for monetary sovereignty, privacy and financial inclusion, and will continue to work to ensure that the crypto space matures responsibly while keeping with the values and ethics digital currency was meant to provide.