CBDC Summary Update: Recent Reported CBDC Developments Around the World, Part 2

An update on CBDC developments in the Philippines, Peru, and Kyrgyzstan.

Isaiah 33:2 (KJV)

² O Lord, be gracious unto us; we have waited for thee: be thou their arm every morning, our salvation also in the time of trouble.

---

If you wish to read Part 1, you can find it here:

CBDC Summary Update: Recent Reported CBDC Developments Around the World, Part 1

CBDC Update: Recent Reported CBDC Developments Around the World, Part 2

Philippines: CBDC Progress in Philippines

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has been exploring the concept of a Central Bank Digital Currency (CBDC) since 2020. Here’s an update on the country’s CBDC progress:

[“A CBDC is similar to a cryptocurrency, but its value is controlled and backed by the central bank. Essentially, it’s a digital version of a country’s fiat currency. Rather than printing physical bills, a central bank can issue digital coins.”]

Wholesale CBDC Focus: The BSP has opted to develop a wholesale CBDC, targeting large-value transactions between commercial banks and other financial institutions, rather than a retail CBDC for consumer use.