Philippine central bank may issue wholesale CBDC in two years

Governor rules out using blockchain-based technology for digital peso

Map of the Philippines

The Central Bank of the Philippines (BSP) may issue a wholesale digital currency within two years, according to its governor.

Eli Remolona said the BSP would develop a wholesale central bank digital currency (CBDC) with banks being the only counterparties, media reported on February 12. 

The CBDC would operate on the central bank’s payment and settlement system, Remolona said. He added that it would not use blockchain or digital ledger technology (DLT): “Other central banks have tried blockchain

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