Former manager of the Central Bank Filippin: "There is no point in starting the state cryptocurrency" – Bits Media

Former manager of the Central Bank Philippine Benjamin Duikno said, that the regulator does not see the point of starting its own digital currency due to the availability of instant payments systems.

Finance Minister Filippin Benjamin Diokno (Benjamin Dioko) He performed before The financial committee of the Senate, to discuss the distribution of the state budget on 2023 year. He touched on the issue of starting the digital Philippine peso, stated, that now there is no need for this. Diokno said, that the country already has digital payment systems, who have proven themselves well, in particular, PisoNet и Instay. These services allow you to make payments in real time between banks, Emitters of electronic money and mobile wallets, And they can be a good alternative to digital sand.

Diokno noted, that at that time, when he held a leading position in the Central Bank, The regulator studied the economic feasibility of launching state stablecoin. However, now the Central Bank decided to abandon this idea and focus on the development of Pesonet and Instapay payment systems. The minister emphasized, that in the Philippines a significant part of the calculations is made using cash, although the situation gradually changes as digital payments are being implemented.

In September, the Central Bank Filippin said, that potentially stablecoins can accelerate the conduct of internal and international calculations. And yet, This is not to say, that the regulator is loyal to the cryptocurrency industry. Recently, he urged the public not to work with virtual assets service providers (VASP), who do not have permission to work in the country or are abroad. Moreover, with 1 September, the Central Bank introduced a three -year moratorium on receiving new applications for VASP license.