Philippines plans to use digital tokens to partially replace cash
Central Bank of the Philippines Considers Using Digital Tokens to Reduce Paper Money Flow 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 has already launched a blockchain platform for the distribution of government bonds.
While most countries are exploring the prospects for the use of digital currencies, the Bahamas will launch its «sand dollar» in October this year.
text: Ivan Malichenko, photo: Getty Images