Despite previous statements, the Central Bank of the Philippines decided to launch a project to research government cryptocurrencies in order to keep up with the Central Bank of other countries.
According to The Block, citing a transcript of a speech by The Bangko Sentral ng Pilipinas CEO Benjamin Diokno, the government cryptocurrency research project has been dubbed “Project CBDC-Ph.”
According to Diokno, the project should show the prospects for using state digital currencies. As part of the study, it is planned to work out the CBDC architecture, determine the necessary technologies and frameworks, and provide preliminary recommendations for the creation of regulatory documentation.
There is no information yet on whether the Philippines plans to launch its own state cryptocurrency. In mid-February, Benjamin Diokno said that the regulator had no such plans.
Source: Bits
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