The Philippines’ central bank sees advantages of using digital tokens for enhancing financial services, Bloomberg has learned, citing the bank's governor Benjamin Diokno.
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According to Diokno, digital tokens can help expand the reach of financial services, as well as reduce their cost. The assets could also help the central bank ultimately reduce the use of paper money, Diokno told Bloomberg.
Currently, the central bank is focused on "a comprehensive discussion" of issues related to digital tokens, including price stability and legal hurdles.
The financial regulator will also evaluate the impact of digitalization on the existing domestic market and the broader financial system, the official added.
Diokno's statements came after the European Union announced developing of a new regulatory framework by 2024.
The new regulation will reportedly boost cross-border payments and make them cheaper thanks to the blockchain and crypto technologies like stablecoins.
According to documents shared with Reuters, the EU executive branch will present a bill clarifying how the existing rules apply to crypto-related assets.
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