BSP CBDC Digital Currency Initiative Scheduled for Q4 2022
The BSP explained that wholesale CBDCs may contribute in addressing frictions on large cross-border foreign currency transfers.
The BSP explained that wholesale CBDCs may contribute in addressing frictions on large cross-border foreign currency transfers.
The senator added that bank depositors expect full accountability and recompense for damages and losses incurred.
UnionBank also added that “there were no monetary penalties” and that all the recommendations of the BSP to avoid similar incidents had been implemented.
The initiative is part of its aim to promote the stability of the country’s payment system.
Personal remittances stood at $2.793 billion, a 1.2% higher from $2.759 billion last year, but still lower than January’s $2.966 billion.
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Diokno mentioned that the BSP is still continuously monitoring NFT activities that are used in online games.
The Central Bank already started a study about CBDC’s nature and implications for the whole financial system last year.
The Think Tank said the Philippines will most likely restrain crypto deals in the next five years.
For now, according to Diokno, the BSP is strengthening the domestic retail payment system in the country.