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BSP says central bank digital currency 'experimental', not yet full-blown

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Jessica Fenol and Michelle Ong, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Central Bank Governor Benjamin Diokno holds newly minted set of 20-piso and Enhanced 5-piso NGC coins at the Executive Business Center at the Bangko Sentral ng Pilipinas, (BSP) in Manila on December 17, 2019. Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/05/02/20191217-bsp-diokno-20-piso-jc-4.jpg"/><figcaption>Central Bank Governor Benjamin Diokno holds newly minted set of 20-piso and Enhanced 5-piso NGC coins at the Executive Business Center at the Bangko Sentral ng Pilipinas, (BSP) in Manila on December 17, 2019. <em>Jonathan Cellona, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - Bangko Sentral ng Pilipinas Governor Benjamin Diokno on Monday said its central bank digital currency (CBDC) project would be an &quot;experiment&quot; and not yet a full-blown implementation.</p><p>In an interview with ANC, Diokno also clarified that, unlike cryptocurrency assets, CBDCs are issued by the central banks.</p><p>During the pilot, set to begin in the fourth quarter, the BSP will test the use of CBDCs for wholesale transactions with select banks limited to the Philippines. </p><p>&quot;We are going to do this on an experimental basis which will start in the fourth quarter of this year. We will experiment with some large financial institutions limited in the Philippines,&quot; Diokno said. </p><p>&quot;We need to learn to walk before we run so that’s the purpose of this pilot, not a full-blown implementation of CBDC,&quot; he added.</p><p>During the pilot, the BSP will consult with its peers to assess the impact of CBDCs, Diokno said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/28/22/bsp-eyes-testing-digital-money-in-last-quarter-of-2022">BSP eyes testing central bank digital currency in last quarter of 2022: official</a></li>	<li><a href="https://news.abs-cbn.com/business/04/27/22/bsp-to-test-digital-money-for-wholesale-transactions">Bangko Sentral to pilot central bank digital currency for wholesale transactions</a></li></ul><div><strong>DATA-DRIVEN FORECASTS</strong></div><p>Meanwhile, Diokno said the administration&#x27;s economic team is open to revision in growth targets but it would be data-driven and would be officially made by the entire Development and Budget Coordination Committee (DBCC).</p><p>The International Monetary Fund (IMF) earlier revised upwards its gross domestic product growth (GDP) growth forecast for the Philippines to 6.5 percent from 6 percent while downgrading other forecasts globally.</p><p>Diokno said it&#x27;s &quot;good news&quot; for the country.</p><p>The DBCC&#x27;s growth target for the year was set at 7 to 9 percent. </p><p>Interest rate hikes, which could start to happen in June, will also be data-driven, Diokno said.</p><p>&quot;We really have to balance. Whether the recovery that we’re seeing is sustainable. That’s why we’re going to wait for the GDP number for the first quarter this year,&quot; he said. </p><p>The country&#x27;s benchmark borrowing rate has been kept at its record low of <a href="https://news.abs-cbn.com/business/03/24/22/bsp-keeps-benchmark-rate-at-2-percent">2 percent</a> since November 2020 to support the economic recovery from the COVID-19 pandemic. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/22/21/bsp-seen-hiking-rates-by-75-bps-in-2022">Fitch Solutions sees BSP hiking rates by 75 bps in 2022</a></li></ul><p>As for inflation, Russia&#x27;s invasion of Ukraine and its impact on oil and other commodity prices are reflected in the revised 4.3 percent average inflation forecast for the year, Diokno said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/05/22/inflation-soars-to-4-percent-in-march">Inflation quickens to 4 percent in March, within govt target despite oil hikes</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2020091" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Bangko Sentral ng Pilipinas Governor Benjamin Diokno on Monday said its central bank digital currency (CBDC) project would be an 'experiment' and not yet a full-blown implementation.

BSP says central bank digital currency 'experimental', not yet full-blown

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BSP says central bank digital currency 'experimental', not yet full-blown

Jessica Fenol and Michelle Ong,

ABS-CBN News

Published May 02, 2022 10:34 AM PHT

|

Updated May 02, 2022 10:53 AM PHT

Read More:

BSP

Bangko Sentral ng Pilipinas

CBDC

central bank digital currency

GDP

economic growth

inflation

interest rate

interest rate hike

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