The Philippine Central Bank starts using cryptocurrencies as a mean of reducing the use of fiat money and to also improve the delivery of financial services in the country. The country is still learning how to launch its own digital currency but it is getting closer each day so let’s learn more about it in the latest crypto news today.
Bangko Sentral ng Pilipinas or BSP The Philippine central bank starts using crypto as the governor Benjamin Diokno said that digital tokes will expand the reach and will lessen the costs of financial services as well as reduce the use of fiat money. Diokno said that digital tokens will improve the way central banks provide services to citizens.
The Philippines is one of the few countries that is studying how to launch its own digital currency. The BSP said that the studies will take a look at the feasibility of the potential policy implications of the central bank digital currencies. The country even launched the blockchain-powered platform to distribute the government issued bonds as well. CBDCs allow central banks to lower costs and will enable them to implement monetary policies. Central Bank Digital Currencies can also be distributed to citizens digitally.
The Singapore-based blockchain firm BCB Blockchain is making waves in the industry this month. As we reported in the blockchain news earlier, the government of the Philippines and BCB Blockchain have signed a memorandum of agreement (MoA) under which one branch of the Philippines Department of Science and Technology (DOST) will support the development of local smart cities. This joint initiative will facilitate the development of local startups which are focused on the creation of smart city projects as well as applications. In the partnership, the Philippines and BCB Blockchain will work towards research and development, promotional activities, hackathons, collaborative endeavors, smart city projects, and other initiatives. The official statement reads the following:
“By providing DOST, universities and TBIs the resources and technical knowledge that BCB Blockchain has, we expect them to deepen their competencies in the area of designing and developing applications and projects for smart cities. We will guide and provide them the access to hands-on workshops, funding, materials, events and technical support.”
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