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Philippine central bank embraces digital tokens

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The Philippines Central bank is set to support digital currencies as it seeks to reduce the dependence of financial services on fiat currencies. This latest sentiment is echoed by the central bank governor Benjamin Diokno. 

Diokno spoke to Bloomberg recently and said that the bank was exploring different ways of improving its financial services for its citizens.  He further hinted that the country was still committed towards a large scale use of digital assets in the future. 

The Asian nation is among the countries that have expressed interest in developing their own digital currency as they look to be among the first nations to go digital with their fiat currency. ThePhillipine apex bank had revealed in a recent study that it was working on developing policies and feasibility of a central bank digital currency (CBDC).

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The CBDC report came after the Philippine government launched a blockchain-powered platform to distribute government bonds. This was seen as the first step towards the full digitization of the financial and banking sector in the country.

The CBDC, when developed, would reduce the dependence on clearinghouses for the Apex bank and also reduce costs of transfers. Furthermore, it would also accelerate the deployment of monetary policies. 

CBDCs would also be accepted as legal tender within the country and merchants will be able to accept it for the purchase of goods and services. 

Digital currencies have continued to gain increasing acceptance across the world with more countries looking towards developing their CBDCs. It was recently revealed that Tezos blockchain had been chosen by the French government to test run the digital Euro.

The coming years will be a huge one for the financial sector as Central banks begin to roll out digital versions of their fiat currencies. 
The coming years will be a huge one for the financial sector as Central banks begin to roll out digital versions of their fiat currencies. 

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