NextGen Day

According to Department of Finance (DOF) Secretary Benjamin Diokno, the government’s financial managers prioritize improving and developing the nation’s digital payment infrastructure before implementing Central Bank Digital Currency (CBDC).

In 2021, the Bangko Sentral ng Pilipinas (BSP) conducted a feasibility assessment on digital money and concluded that it is not yet “worthwhile” for the Philippines.

“We have two parallel systems, PESONet and InstaPay, so let’s work on those before moving on to CBDC because they are more important.

The study concluded that, Yun ang resulta ng pag-aaral ( “During the DOF budget hearing, Diokno noted.

Account users can transfer money in Philippine pesos to another account at one of the collaborating banks, e-money providers, or mobile money providers using the electronic fund’s transfer services PESONet and InstaPay.

The BSP’s National Retail Payment System, which intends to expand e-payment transactions, includes the twin systems.

As of the publication, Senator Sonny Angara’s Finance Committee heard arguments from Diokno and other representatives of the connected DOF agencies over their planned PHP30.570 billion budget for 2023.

Angara informed DOF officials, “We will favorably endorse your budget to the plenary.”

Due to the rise of digital currencies that national central banks do not support, according to Diokno, other nations have attempted to participate in CBDC.

He warned that digital currency is risky, particularly if a central bank does not support it.

He declared, “We usually advise against playing with it because it is very speculative and you’ll get burned as a result,” adding, “Lagi ang sinasabi namin, huwag kayong maglalaro diyan kasi (We always warn that you shouldn’t play with it because) you’ll get burned.”

An exploratory study was started in May of last year by the BSP, which was then led by Diokno, to determine the nature of the CBDC and its consequences on the nation’s financial system.

After evaluating the national payment system, wholesale CBDC users who were relevant to improving the payment system’s efficiency, safety, and resilience were identified.

Only computers or mobile phones may access digital currency, also known as electronic money, electronic currency, cryptocurrency, or cybercash.

Although more practical, it can also be hacked.

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