Golden Finance launched the 2398th issue of "Golden Morning 8", a morning report on the cryptocurrency and blockchain industry, to provide you with the latest and fastest digital currency and blockchain industry news.

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The central bank of the Philippines (BSP) aims to complete a CBDC pilot by the end of the year, according to a local press report. Central bank Deputy Governor for Payments and Currency Management Mamerto Tangonan told a press briefing Wednesday: “For CBDC… our timeline for that is to complete the pilot this year, towards […] source: https://cryptonews.com/news/philippine-central-banker-unveils-project-agila-a-leap-into-wcbdc-pilot.htm

フィリピン中央銀行（BSP）は、ホールセール中央銀行デジタル通貨（wCBDC）の研究プロジェクト「Project Agila」の最新情報を発表した。地元メディアが報じた。 source: https://jp.cointelegraph.com/news/philippine-central-banker-reveals-details-wcbdc-pilot-project

The Philippines plans to issue a central bank digital currency (CBDC) in the next two years; however, the country chooses alternative paths over blockchain for its strategy, Eli Remolona, the Governor of the Bangko Sentral ng Pilipinas (BSP), told local publication Inquirer.net.Explaining the decision to rule out the technology, Remolona said that "other central banks have tried blockchain but... source: https://cryptobriefing.com/philippines-exclude-blockchain-cbdc-plan/?utm_source=cryptopanic&utm_medium=rss

Governor Eli Remolona of the Philippines Central Bank (BSP) has disclosed the central bank’s plans to introduce a wholesale central bank digital currency (CBDC) in the coming years. The Bangko Sentral ng Pilipinas (BSP) is optimistic about the ongoing growth of digital payment technologies, which are expected to enhance the delivery of financial services to […] source: https://cryptonews.com/news/philippines-central-bank-eyes-bank-mediated-non-blockchain-cbdc-in-next-two-years.htm

The Philippines is set to introduce a wholesale Central Bank Digital Currency (CBDC) within the next two years. Governor Eli Remolona Jr. of the Bangko Sentral ng Pilipinas (BSP) announced the strategic plan, highlighting the decision to opt for a wholesale rather than a retail CBDC for the country. This initiative aims to enhance domestic […] source: https://www.cryptopolitan.com/philippines-to-launch-wholesale-cbdc-in-the-next-two-years/

According to CoinDesk, the Philippines is expected to issue a wholesale central bank digital currency (CBDC) within the next two years. However, the country does not plan on issuing a retail CBDC due to concerns that it may cause bank runs. Central bank Governor Eli Remolona Jr stated that the Philippines will not use blockchain or digital ledger technology for its CBDC, as other central banks' attempts with the technology have not been successful. CBDCs are digital tokens issued by central banks, with retail CBDCs being used by the general public and wholesale CBDCs reserved for institutional use. The Philippines central bank began an exploratory study into CBDCs in 2020. The Bank for International Settlements, which coordinates between central banks worldwide, warned in November that institutions are not adequately prepared for the risks posed by CBDCs. The Bangko Sentral ng Pilipinas (BSP) acknowledges that a retail CBDC could worsen bank runs during times of financial stress, while a wholesale version could enhance the efficiency and safety of domestic and cross-border payments. Governor Remolona confirmed the decision to limit the CBDC to wholesale use only, with no retail option.