May 13, 2021

Philippines plans to use digital tokens to partially replace cash

Philippines plans to use digital tokens to partially replace cash

The Central Bank of the Philippines is considering using digital tokens to reduce paper money circulation and improve efficiency.

According to CBF Governor Benjamin Diokno, digital tokens will help reduce the cost of financial services provided to citizens, expand coverage and reduce the amount of cash.

The central bank is also studying the prospects for issuing a national digital currency, as well as the potential consequences of its impact on the country's economy and political sphere. In June, the Philippines already launched blockchain platform for the distribution of government bonds.

While most countries are exploring the prospects for using digital currencies, the Bahamas will launch its "sand dollar" in October this year.

</p>