The Bangko Sentral ng Pilipinas (BSP), the national Philippines Central Bank is planning to issue own digital currency base on Blockchain.
The news was released this Wednesday, July 29 by Bloomberg who reported that the Central financial entity of Philippines created a committee that will learn more about Central Bank Digital Currency (CBDC), and which benefits could come from the adoption of digital currency. Doing this the Central Bank of Philippines will be Joining countries such as China, England, British Virgin Islands, Tunisia, Japan and many other nations that are studying more the digital assets to use as payment and exchange electronic money.
The Philippines Digital currency committee will release the first results of the study next month and for now isn't assuming to end up with paper money but learning more about the ecosystem surrounding the CBDC, China PBoC (People's Bank of China) in other end have plans to end up with paper money to adopt the digital Yuan.
The world is changing and digital currency demand is increasing where governments are adopting it and studying more about Blockchain, of course not all countries accept and are willing to embrace the technology but soon or later all the world is going to use digital assets.
Central Bank Digital Currency are based in Blockchain but will not be in open source code like Bitcoin or Ethereum and will be controlled by Government authorities, will just use the Blockchain technology which is more cheaper, reliable and very fast on network transactions for internal and cross-border payments.
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I wonder what what blockchain they are going to use? Or is the government will make a blockchain of thier own?