CBDC: New Digital Currency Plans in the Philippines

Bittime -  The Philippine government has announced their plans to create a new digital currency as a safer alternative to cryptocurrency,  namely CBDC or Central Bank Digital Currency.

This move aims to provide a more controlled and supervised solution to Filipinos interested in digital assets .

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With Filipinos' increasing interest in cryptocurrency, the government is trying to come up with a safe and reliable solution. The proposed digital currency will be closely monitored by Philippine financial authorities and is expected to provide security guarantees to users.

The plan to create a new digital currency is a response to concerns about the risk and volatility associated with existing cryptocurrencies. In doing so, the Philippine government hopes to provide a more stable and controllable alternative for people interested in blockchain technology .

This move shows that the Philippines is preparing to take a more active role in regulating and developing the crypto ecosystem in the country.

By creating a digital currency overseen by financial authorities, the Philippine government hopes to strengthen public trust and facilitate continued growth in the industry.

Also Read: Understanding Protocol Layers in Blockchain

Understanding the Characteristics of Central Bank Digital Currency (CBDC)

Central Bank Digital Currency (CBDC) is a form of digital currency issued and supervised directly by a country's central bank.

CBDC is designed to function as a digital representation of a country's prevailing fiat currency, such as the US dollar or euro, but in a completely decentralized digital form and using blockchain or distributed ledger technology.

CBDC has several important characteristics, namely:

1. Issued by the Central Bank

CBDC is issued and regulated directly by a country's central bank. This is in contrast to cryptocurrencies such as Bitcoin, which are issued and regulated in a decentralized manner by a peer-to-peer network.

2. Legal Tender

CBDCs are officially recognized as legal tender in the countries where they are issued, and have the same status as cash or bank deposits.

3. Technology Support

CBDCs are typically supported by blockchain or distributed ledger technology, although implementation can vary depending on central bank policy and available technological infrastructure.

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4. Regulatory Control

The use of CBDCs is subject to regulations and policies established by central banks, including supervision of financial activities involving CBDCs.

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You can buy and sell crypto assets in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on  Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into  your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH ),  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.