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Philippines Central Bank Eyes Bank-Mediated Non-Blockchain CBDC in Next Two Years
![Philippines Central Bank Eyes Bank-Mediated Non-Blockchain CBDC in Next Two Years](https://dailybusinessinvestor.com/wp-content/uploads/2024/02/1707756063-1707755996140_processed-s4WCse-800x457-2.jpg)
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