“The BSP is currently pursuing what we call the Project CBDCPH,” Ganapin added.
The Fintech Department of the Reserve Bank of India (RBI) has recently released its Concept Note on Central Bank Digital Currency (CBDC).
BSP Director Plabasan said stablecoins can be a tool for more efficient payment transactions.
BIS takes the ongoing bear market, as well as the collapse of stablecoin as an affirmation that crypto and DeFi cannot be the foundation of monetary systems.
With the market currently down, and your favorite crypto currently experiencing double-digit decreases, there’s no better time to learn about cryptocurrency than today.
The BSP explained that wholesale CBDCs may contribute in addressing frictions on large cross-border foreign currency transfers.
The initiative is part of its aim to promote the stability of the country’s payment system.
The Central Bank already started a study about CBDC’s nature and implications for the whole financial system last year.
For now, according to Diokno, the BSP is strengthening the domestic retail payment system in the country.
Fintech companies and financial institutions globally are invited to submit their innovative solutions which can address problems within the key areas, which have been identified based on suggestions received from partner organizations globally.