The Central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), is exploring the possibility of issuing its own digital currency, Bloomberg has reported.
According to the media, the bank has reportedly established a committee to explore digital currencies and their policy implications.
Benjamin Diokno, the bank's governor, said the central bank will analyze the committee's findings before any decision is made.
The preliminary results of the study will be released next month.
However, the bank's governor says the use of fiat money in the country is still very high and as a result, the central bank is more interested in cryptos' underlying technology (blockchain) than in the currencies themselves.
The country is also actively fighting fraud related to cryptos. For example, earlier this month iHodl reported the Securities and Exchange Commission (SEC) of the Philippines had just issued a warning against individuals and groups who trade and make investments in unauthorized crypto projects.
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