Philippines Central Bank Eyes Bank-Mediated Non-Blockchain CBDC in Next Two Years

The Central Bank of the Philippines, also known as Bangko Sentral ng Pilipinas (BSP), is considering the introduction of a bank-mediated central bank digital currency (CBDC) that won’t involve the use of blockchain technology. The regulator has announced plans to explore this possibility and create the CBDC within the next 2 years.

The BSP clarified the CBDC will be backed by the government and treated as legal tender. The other specifics of the project, including how transactions will be