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 initiative is part of its aim to promote the stability of the country’s payment system.
(Update) The Bangko Sentral ng Pilipinas (BSP) approved UnionBank as the first commercial bank that will issue bank-backed Peso blockchain-based token.
Bitspark said they see this as a way forward to introduce stablecoins without the need for understanding blockchains directly.