Former Governor of the Central Bank of the Philippines Benjamin Diokno said that the regulator sees no point in launching its own digital currency due to the presence of instant payment systems.
Philippine Treasury Secretary Benjamin Diokno appeared before the Senate Finance Committee to discuss the distribution of the state budget for 2023. He also raised the issue of launching a digital Philippine peso, saying that there is no need for it now. Diokno said the country already has digital payment systems that are well established, notably PesoNet and InstaPay. These services allow real-time payments between banks, e-money issuers and mobile wallets, and can be a good alternative to the digital peso.
Diokno noted that at the time when he held a senior position at the central bank, the regulator was studying the economic feasibility of launching a state stablecoin. However, now the Central Bank has decided to abandon this idea and focus on the development of PesoNet and InstaPay payment systems. The Minister stressed that in the Philippines, a significant part of the settlements are made using cash, although the situation is gradually changing as digital payments are introduced.
In September, the Central Bank of the Philippines said that potentially stablecoins could speed up domestic and international settlements. And yet, it cannot be said that the regulator is loyal to the cryptocurrency industry. He recently urged the public not to work with Virtual Asset Service Providers (VASPs) who are not authorized to operate in the country or are overseas. At the same time, from September 1, the Central Bank introduced a three-year moratorium on accepting new applications for a VASP license.
Source: Bits
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