The Philippine Central Bank, the Bangko Sentral ng Pilipinas (BSP), is the latest in an ever increasing number of banks to show interest in integrating a central bank digital currency (CBDC).
The BSP, reports say, has created a committee whose number on task is to study and test the feasibility in case the cryptocurrency becomes official.
The Governor Benjamin Diokno disclosed that the formed official group will submit a result of this initial study sometime next month. The governor is optimistic towards the implication of CBDC, and most importantly does not see it as a threat.
Other central bank are already way ahead of the Bangko Sentral ng Pilipinas in the race for a centralised cryptocurrency. These entities have realised that there is huge potential in a digital version of their specific fiat. However, authorities are also pointing out that there are also some hidden negative aspects.
For instance, the bank of Japan has been looking for ways to implicate the digital coin, and has focused on the challenges that such an integration will cause. The Central Bank of Thailand is also considering doing this having been partnered up with with businesses, and is now in the lead in South East Asia.
However, the leader is the Chinese central bank, which has the most progress concerning the CBDC. It recently finished the process of initiation which had started all the way back in 2014.