The Philippines expect a new central bank digital currency (CBDC) within the next two years. The digital tokens are to compete with volatile crypto currencies as an alternative system of payment and to store value.
According to Bangko Sentral ng Pilipina’s (BSP) Governor Eli Remolona Jr. the Philippines should learn from the Swedish experience on CBCD. The Swedish central bank “Sveriges Riksbank” is testing the use of e-krona, which is a digital complement to cash.
Remolona said the Philippines could learn from the Swedish experience on CBCD. The e-krona pilot project was initiated in 2019 to test how e-krona could be used by the general public.
Source: business.inquirer.net
