The central bank of the country has announced its intention to prioritize the development of a wholesale Central Bank Digital Currency (CBDC). This wholesale CBDC will be facilitated through banks, serving as intermediaries in the process. The decision to focus on a wholesale CBDC suggests that the central bank aims to primarily target financial institutions and large-scale transactions, rather than the general public. By utilizing banks as mediators, the central bank can ensure a regulated and controlled implementation of the digital currency. This move reflects the central bank’s efforts to explore and harness the potential benefits of digital currencies within the country’s financial system.
HomeDIGITAL ASSETS REGULATORYworldwide-stablecoinPhilippines to Launch Central Bank Digital Currency (CBDC) Without Blockchain Technology in...