Philippines Crypto Adaption- Inevitable

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas revealed in an interview with ANC that the Philippines' CBDC (Central Bank Digital Currency) is due to be launched in the 4th quarter of this year. The said launching is not yet full blown but a pilot testing. He added that the BSP tied up with large financial institutions to invest for the aforementioned launching.

I saw this one coming way back in 2019 while a lot of self-proclaimed financial advisers are busy mocking the cryptocurrency technology. While it is true that for the time being scams and manipulation are rampant in the crypto universe, largely because it is still unregulated, but the fact remains that the technology itself is working and is revolutionizing the monetary system.

One major reasons why some businesses like Nokia sunk to bankruptcy is because they failed to adapt to the emerging technological advancement.

Some often resort to mockery instead of proactively exploring the blockchain technology's potentials for future gains. Sadly, those who mock usually end up outdated and a loser.

The good thing is that Diokno and the rest of the BSP officials saw the potential of the said technology. And now they are working on adapting it.

Some Filipino crypto enthusiasts are skeptical about the motive behind the Philippine CBDC project. They are afraid that this one will lead to the centralization of the cryptocurrency and that the government could then put their hands on the business and would impose heavy taxation to it or even worst, it will destroy the very essence of cryptocurrency which is decentralization of the world's monetary system.

Diokno stressed in the interview that the Philippines' CBDC will be sold by wholesale and that they already partnered with certain banks or huge financial institutions to invest for the said project. The objective is clear- our Philippine Government wanted to gain control of the digital money in the country. Because they can't defeat the massive adaption of cryptocurrency, they are now gearing their effort to join the throng.

On the other hand, there are also those who are optimistic about the above development. For them, the said project will propel the propagation of the blockchain technology in the country and that through the government's effort, a lot of Filipinos will be educated about cryptocurrency and will ultimately embrace it.

Whatever be the outcome of this development, I am pretty confident that cryptocurrency mass adaption is just around the corner. We are gearing towards a cashless society.

rgPhotography | OPINION