The Philippine Central Bank sees digital tokens as a way to reduce the use of paper money and improve the provision of financial services in the country, even as the country continues to explore its own digital currency.
Speaking to Bloomberg, the central bank of the Philippines Bangko Sentral ng Pilipinas, or BSP, Governor Benjamin Dioseno said that digital tokens “expand access and reduce the cost of financial services” and reduce the use of paper money.
Dioceno said that digital tokens improve the way the central bank offers financial services to its citizens.
The Philippines is one of the countries considering launching its own digital currency. BSP said the study will look at the possibility and potential political implications of a central bank digital currency, or CBDC. The country has already launched a blockchain platform for placing government bonds.
Cointelegraph previously reported that the central bank’s digital currencies allow central banks to reduce their dependence on clearing houses, cut costs and enable them to conduct monetary policy. The central bank’s digital currencies can also be distributed digitally to citizens.