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The governor of the Central Bank of the Philippines, Benjamin Diokno, said that the bank will not launch its own digital currency, since most citizens of the state prefer to use cash.
In September, the Central Bank of the Philippines Bangko Sentral ng Pilipinas (BSP) began exploring the possibility of launching a digital Philippine peso to improve the quality of financial services. However, in a recent speech, BSP manager Benjamin Diokno said that the central bank does not plan to launch it in the near future. He explained that the vast majority of the country's residents prefer to use cash, and are heavily dependent on it. In addition, settlement systems in their current state allow for fairly efficient payments in the country, Diokno said.
Cryptocurrency ownership is growing, but investors are not abandoning traditional financial services due to the growing interest in crypto assets. On the contrary, crypto investors are more likely to use multiple financial service providers than the general population, according to a recent report by the global business analytics company Morning Consult.