Many central banks around the world are looking at ways to launch their own digital currency and some have already started field trials to do so.

According According to Bloomberg News, the Central Bank of the Philippines (BSP) is researching and planning to issue its own digital currency.

The news spread today, Wednesday, and came to the effect that the Central Bank had formed a committee to study digital currencies and their effects on monetary policy in the country.

Benjamin Diokno told the bank’s governor that the central bank would consider the committee’s findings before making any decision.

The group is expected to announce the preliminary results of the study next month.

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While the spread of digital currencies is increasing, Diokno commented that he believes that the demand for cash and paper currencies will fade in the presence of digital currencies, and added, declaring what it means:

Digital currency for us has always been ranked outside the assets themselves.

Attention is always focused on the blockchain technology on which these digital currencies are built.

Just yesterday, Diocno praised the blockchain initiative presented by the Philippine Treasury Office, where the latter, in cooperation with the Union Bank of the Philippines and a Philippine cryptocurrency platform, launched a blockchain-based application for the distribution of retail bonds, and this application called “Bonds.PH” aims to facilitate Bond investment.

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