The Central Bank of the Philippines supports digital currencies supported by banks | Instant News

It should be very clear to almost everyone now that digital currency will be the next step in the evolution of money. Although there will always be people who stubbornly refuse to accept changes in any form, even when it creates a better environment, the number of people who refuse to accept or accept cryptocurrency continues to shrink. As a recent example of the role crypto will play in society, the Philippines is getting a ride on the central bank’s digital currency train (CBDC) with plans to launch its own digital currency.

Bloomberg reported that Benjamin Diokno, governor of the central bank of the Philippines, had organized an individual team to explore the launch of the CBDC. The Group will prepare a report on the benefits – and possible pitfalls – of digital currency, providing an in-depth analysis of the feasibility of the project. The report is expected to be ready around next month.

As in other countries that have explored their own CBDC, the concept does not have to be driven by the use of crypto itself. Diokno explained, “Cryptocurrency for us is always outside the asset itself but rather the blockchain technology that supports it.” He added that introducing the CBDC would not threaten the country’s national currency and, conversely, would work together with fiat partners.

So far, Japan, China, Switzerland, Sweden, France, Marshall Islands, Bermuda and others have plunged into the world of digital currencies with their own CBDC projects. Each country is at a different stage of development, but they have all embraced the idea only in the last 12-18 months – a short time given the vast history of money, and they all understand the benefits including including a digital version of money that can facilitate more financial transactions inexpensive, faster and with more protection than those found with fiat alternatives.

Even Visa, which had been very opposed to crypto when it began to gain international fame, is now entering. Cuy Sheffield, who was tapped to lead the company’s crypto projects, said recently“I believe that the central bank’s digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade. Regardless of one’s personal view of whether it is good or bad, the reality is that global interest in it will not disappear. When governments evaluate CBDC, the path they decide on will have major implications for privacy, monetary sovereignty, geopolitics and financial inclusion, as well as the global adoption of crypto dollars and Bitcoin. “

His comments are poignant and strike a harmonious tone with Bitcoin SV (BSV). Regarded as the original Bitcoin as established by Satoshi Nakamoto, BSV has adhered to a development policy that aligns itself with a framework that is applied to the financial space, a framework that has been built for 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 crypto spaces mature responsibly while maintaining the values ​​and ethics that digital currencies must provide.

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