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In 2020, the Philippines initiated an exploratory study on the viability of central bank digital currencies (CBDCs). Now, the region aims to launch a wholesale CBDC within two years.
However, before its release, there’s more work that needs to be done. According to The Bank for International Settlements (BIS), financial institutions in the Philippines aren’t adequately equipped to handle the risks associated with CBDCs.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. informed the Inquirer that a decision was made…
