BSP Governor Benjamin Diokno explained that the new framework will help monetary entities like the central bank in achieving its goal of letting more Filipino adults in the formal financial system.
The BSP previously said that digitalization is a key beneficiary of the pandemic and has urged the country to embrace a new normal society.
The BSP said the adoption of the National QR Code Standard is a turning point in the country’s digital transformation journey.
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BSP is tasking the new unit to address the interplay between digital money and physical currency, as well as support the Philippines’ digital transformation of its financial services.
The BSP governor sees the country shifting to a coinless society by the middle of the decade.
A draft circular stated that the minimum capital requirement for digital banks is Php 1 billion.
The BSP is not keen on launching its own cryptocurrency despite the announcement of Facebook’s launching of the Libra cryptocurrency.
Mr. Diokno had a long career at the Department of Budget and Management and served as its secretary before he was appointed to the BSP.
