Philippines to Launch a Digital Currency in 2 Years

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In 2020, the Central Bank of the Philippines announced its intention to launch a digital currency and reduce the use of physical cash in the country.

This initiative, known as the CBDC project, is expected to be implemented within the next two years, according to the bank’s governor Eli Remolona Jr.

It was clarified that the digital currency will not be based on blockchain technology, unlike previous attempts by other central banks which were unsuccessful.

Additionally, the digital currency will not be integrated into the state banking system and will only be used for larger transactions, excluding retail settlements.