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The Philippine central bank sees digital tokens as a means to reduce fiat money use and improve financial service delivery in the country, even as the country is still studying its own digital currency.
Speaking to Bloomberg, the Philippine central bank Bangko Sentral ng Pilipinas, or BSP, Governor Benjamin Diokno said that digital tokens “expand the reach and reduce the costs of financial services,” as well as reduce the use of fiat money.
Diokno said that digital tokens improve the way the central bank provides financial services to citizens.
The Philippines is one of the countries studying the launch of its own digital currency. The BSP has said its study will look at the feasibility and possible policy implications of a central bank digital currency, or CBDC. The country had already launched a blockchain-powered platform to distribute government-issued bonds.
The CBDCs previously reported by Cointelegraph allow central banks to lessen their dependence on clearing houses and reduce costs and allow them to implement monetary policies. CBDCs can also be distributed to citizens digitally.
