Philippines Rules Out Blockchain for Wholesale CBDC Seen Likely by 2026: Report

CoinDeskPolicyPublicado em 2024-02-11Última atualização em 2024-02-12

Resumo

The country's central bank does not plan on issuing a retail version of the digital currency.

  • The Philippines is likely to issue a wholesale central bank digital currency within two years, the Inquirer reported.
  • The country does not plan on issuing a retail CBDC on concerns this is more likely to cause bank runs.
10

The Philippines is likely to issue a wholesale central bank digital currency (CBDC) within two years, central bank Governor Eli Remolona Jr told journalists, but doesn't plan to use the blockchain or digital ledger technology that underpins many virtual assets.

“Other central banks have tried blockchain, but it didn’t go well,” Remolona said, the Inquirer reported Monday.

CBDCs are digital tokens issued by central banks. Retail CBDCs can be used by the general public whereas wholesale ones are exclusively for institutional use. The Philippines central bank started an exploratory study into CBDC's in 2020. The Bank for International Settlements, which coordinates between central banks worldwide, in November said the institutions aren't sufficiently prepared for the risks posed by CBDCs.

Advertisement
Advertisement

Bangko Sentral ng Pilipinas (BSP) acknowledges that a retail CBDC could exacerbate bank runs in times of financial stress while a wholesale version could improve the efficiency and safety of domestic and cross-border payments.

“The decision is to limit it to wholesale. No retail,” Remolona said.

Edited by Sheldon Reback.


Leituras Relacionadas

National Bank Of Canada Discloses XRP And Bitcoin ETF Holdings

National Bank of Canada disclosed holdings in cryptocurrency-related exchange-traded funds (ETFs) in a recent regulatory filing. According to its Form 13F, the bank held shares in an XRP ETF and several Bitcoin ETFs as of June 30, 2026. Specifically, the bank reported owning 3,848 shares of the Bitwise XRP ETF, valued at approximately $330,000, alongside Bitcoin ETF positions from ProShares and Fidelity worth about $6.4 million. The filing highlights that this represents exposure through listed securities, not direct custody of the underlying digital assets like XRP or Bitcoin. This distinction is crucial, as it shows institutions are gaining crypto exposure through regulated, traditional financial products rather than holding tokens directly. The move is seen as part of a broader trend of institutional adoption via regulated wrappers. While the Bitcoin position is significantly larger, reflecting its established role, the XRP ETF holding, though relatively small, indicates exploratory interest in cryptocurrencies beyond Bitcoin within traditional portfolios.

bitcoinistHá 40m

National Bank Of Canada Discloses XRP And Bitcoin ETF Holdings

bitcoinistHá 40m

Cryptocurrency Company Alameda Research Takes a Major Step Regarding Solana Staking! Is a Sell-Off Coming? Here Are the Details

Crypto firm Alameda Research, the bankrupt FTX's trading arm, has taken a significant step concerning its Solana (SOL) holdings. After nearly five years, Alameda unstaked 201,740 SOL and transferred a total of 201,780 SOL to a BitGo custody wallet. This move has fueled market expectations that Alameda is preparing to sell its long-dormant SOL assets. Blockchain data suggests the transfer may be for an over-the-counter (OTC) sale facilitated through BitGo, rather than a direct market sale. OTC deals are often preferred for large-volume transactions to avoid creating sudden selling pressure on open exchanges. The unstaking of assets locked for approximately five years adds significance to the transfer, as it frees them for potential sale or reuse. While the transfer does not guarantee an immediate sale, moving funds to a custody wallet is closely watched. The ongoing liquidation of assets from Alameda and FTX's bankruptcy remains a major topic, and large transactions like this are seen by the market as a potential indicator of future selling pressure. Whether Alameda will proceed with an OTC sale is currently unknown.

cryptonews.ruHá 40m

Cryptocurrency Company Alameda Research Takes a Major Step Regarding Solana Staking! Is a Sell-Off Coming? Here Are the Details

cryptonews.ruHá 40m

Supply Skyrockets by 3 Trillion, Veteran Blockchain Harmony Dealt Another Fatal Blow

**Title: Supply Surges by 3 Trillion, Dealing Another Blow to Veteran Blockchain Harmony** A significant security breach has struck the Harmony blockchain, involving the illegal minting of approximately 3 trillion ONE tokens (valued around $23.4 billion), which constitutes about 26% of its total supply. The attack exploited critical logic errors in Harmony's cross-shard receipt verification and signature validation systems, allowing the attacker to forge receipts and bypass security checks. Initial reports indicated around 4 billion tokens were minted, but this figure was later revised drastically upwards as more data became available. A substantial portion of the newly minted tokens was quickly transferred to cryptocurrency exchanges, leading to a sharp price drop of nearly 38% for ONE. Harmony's official response included identifying related wallet addresses, urging exchanges to freeze associated funds, releasing a software patch (v2026.1.1) to prevent further minting, and temporarily halting its cross-chain bridge service. The team is also evaluating the option of a network rollback. This incident marks the third major security or technical issue directly affecting Harmony's token supply in recent years, following a $100 million bridge hack in 2022 and a staking bug in late 2023. Once a notable Layer 1 chain, Harmony's market capitalization has dwindled to around $12 million, with its Total Value Locked (TVL) collapsing from a peak over $1.4 billion to under $170,000. The event underscores the persistent security vulnerabilities faced by smaller blockchain protocols and highlights the importance of scrutinizing a project's security history and on-chain activity.

marsbitHá 1h

Supply Skyrockets by 3 Trillion, Veteran Blockchain Harmony Dealt Another Fatal Blow

marsbitHá 1h

BNB Chain’s BEP-675 Proposal Targets Faster Block Building

BNB Chain has proposed BEP-675, a draft upgrade aimed at increasing network throughput by optimizing the block production process. The core change introduces blind signing, allowing builders to submit pre-executed blocks directly to validators. This is designed to eliminate redundant execution work, potentially reducing a validator's critical path execution time from 125ms to 15ms. Initial testnet results indicate a possible doubling of throughput. Unlike scaling via larger blocks or shorter block times, this proposal focuses on workflow efficiency. It's important to note BEP-675 is currently a draft under the Pasteur hard fork timeline and is not active on the mainnet. If successfully implemented, it would provide BNB Chain with more performance headroom to support its high-activity ecosystem.

bitcoinistHá 1h

BNB Chain’s BEP-675 Proposal Targets Faster Block Building

bitcoinistHá 1h

ENS Has Quietly Completed a 'Self-Revolution'

On August 11th, the ENS DAO officially voted into effect the "Next Era of ENS DAO" proposal. This move by the crucial Ethereum domain name protocol establishes a legal entity, the ENS Foundation, to represent it in the real world—a long-missing piece after nearly a decade of operation. The proposal, initially introduced in June, sparked significant community debate. Critics feared it amounted to the DAO dissolving itself and handing over its treasury. The final version, however, represents a compromise, carefully balancing control. The DAO retains governance over its substantial ENS token holdings and its operational wallet. A $65 million endowment is delegated to the Foundation's Board but protected by a 9-day timelock and a Security Council veto. The DAO also holds ultimate power to appoint and remove Board members. The Foundation's role is to handle tasks the DAO is ill-suited for, such as legal representation, trademark enforcement, and engagement with traditional internet governance bodies like ICANN. This allows ENS Labs, the core development company, to focus on engineering, like the upcoming ENSv2. The five-member Foundation Board includes independent directors with provisions to manage conflicts of interest, particularly regarding funding to ENS Labs. This governance restructuring aims to create a clearer separation of duties: the DAO safeguards protocol neutrality, the Foundation handles real-world operations and diplomacy, and ENS Labs focuses on development. It acknowledges the limitations of pure token voting for day-to-day operations, seeking efficiency through a professionally managed entity with built-in accountability mechanisms. The ENS experiment—aiming to be both credibly neutral and effectively represented in traditional forums—will be closely watched as a potential model for the broader DAO ecosystem.

marsbitHá 1h

ENS Has Quietly Completed a 'Self-Revolution'

marsbitHá 1h

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow