This week, in an interview on local news station ABS-CBN, Benjamin Diokno, the Governor of the Bangko Sentral ng Pilipinas (BSP), said the country was considering a wholesale central bank digital currency (CBDC). Based on his comments, it may be considering joining the M-CBDC Bridge project for cross border payments.
Last week the Monetary Authority of Singapore (MAS) and BSP announced they’re working on enabling citizens of both countries to make real-time cross border payments using QR codes. Earlier this year MAS went live with a similar solution with Thailand. Both of these involve bilateral connections between payments systems and do not involve digital currencies.
Diokno said BSP’s work with MAS was part of a long term agreement on innovation. “It’s a step in a loftier goal of a multilateral agreement on cross border real-time results systems. This is part of a global move,” he said.
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