Reporting from the local newspaper, Inquirer.net, on Feb 12, 2024, the Governor of the Bangko Sentral ng Pilipinas (BSP), Eli Remolona Jr, announced that he would launch a Central Bank Digital Currency (CBDC), but it will not be operated on blockchain. This CBDC is not for retail traders but for wholesale traders, especially to increase transaction security and efficiency, both in domestic and global transactions. The Philippine CBDC will be operated and controlled directly by the central bank (BSP) but mediated by banks or credit institutions, in its operation this CBDC will work similar to electronic money. CBDC is considered to be able to replace cryptocurrencies which have high volatility and no regulation,
