Philippines Central Bank Considers Issuing Its Own Digital Currency.

[rhomelmabini]

The Philippine central bank has created a committee to look at the feasibility and policy implications of issuing its own digital currency, Governor Benjamin Diokno said on Wednesday.

“We have to first look at the findings of the group before making a decision,” Diokno said in a virtual briefing. The initial results of study is expected next month.

https://www.bloomberg.com/news/articles/2020-07-29/philippines-central-bank-mulls-issuing-its-own-digital-currency

Ano sa tingin niyo sa mga kababayan? Sa tingin ko mukhang matutuloy yan but not optimistic dahil sa tingin ko ang ganitong usapin ay dadaan muna sa masusing pag-aaral. Mukhang yung news about digital dollar of US has an impact dahil dito.

[Bttzed03]

Sounded like an old news to me nung nabasa ko title. Upon searching for old articles, eto 2018 pa nila pinaguusapan yan - Philippines Central Bank Studying the Possibility of Issuing its Own Digital Currency

Anyway, mukhang patapos na ang first stage (research) at isusunod na ang debates/discussion among BSP executives. Baka isang taon o mahigit ang itatagal bago sila magpasya.

Unionbank and their PHX stablecoin is waving at BSP by the way 

[rhomelmabini]

Sounded like an old news to me nung nabasa ko title. Upon searching for old articles, eto 2018 pa nila pinaguusapan yan - Philippines Central Bank Studying the Possibility of Issuing its Own Digital Currency

The only difference is the time that article has been published it was the time of the late Governor of BSP Nestor Espenilla Jr. but right now it's the time of Diokno.

Anyway, mukhang patapos na ang first stage (research) at isusunod na ang debates/discussion among BSP executives. Baka isang taon o mahigit ang itatagal bago sila magpasya.

Unionbank and their PHX stablecoin is waving at BSP by the way 

Talagang mabusisi ang ganito at mag-assume na rin ako that it will be done before the final tenure of the incumbent President kasi that will mark a legacy from his administration, just my two cents. Well, PHX is just bank-backed by UnionBank itself and other institutions pero itong gagawin talaga ng BSP is more on the national scale I guess.

[serjent05]

The Philippine central bank has created a committee to look at the feasibility and policy implications of issuing its own digital currency, Governor Benjamin Diokno said on Wednesday.

“We have to first look at the findings of the group before making a decision,” Diokno said in a virtual briefing. The initial results of study is expected next month.

https://www.bloomberg.com/news/articles/2020-07-29/philippines-central-bank-mulls-issuing-its-own-digital-currency

Ano sa tingin niyo sa mga kababayan? Sa tingin ko mukhang matutuloy yan but not optimistic dahil sa tingin ko ang ganitong usapin ay dadaan muna sa masusing pag-aaral. Mukhang yung news about digital dollar of US has an impact dahil dito.

Sa tingin ko maiimplement ito kapag obsolete na ang blockchain tech.  Sa sobrang bagal ng tech development ng Pilipinas, ang nangyayari puro plano lang in papers, bihira ang nagmamaterialize.  Feeling ko lang sumasakay lang sa trend ang BSP, or possible gumagawa ng project para makuhaan ng malaking komisyon.  Anyway, sana nga mali ang iniisip ko, pero parang hindi pa ready ang infrastructure ng Pinas pagdating sa ganyang usapin.

[Hippocrypto]

The Philippine central bank has created a committee to look at the feasibility and policy implications of issuing its own digital currency, Governor Benjamin Diokno said on Wednesday.

“We have to first look at the findings of the group before making a decision,” Diokno said in a virtual briefing. The initial results of study is expected next month.

https://www.bloomberg.com/news/articles/2020-07-29/philippines-central-bank-mulls-issuing-its-own-digital-currency

Ano sa tingin niyo sa mga kababayan? Sa tingin ko mukhang matutuloy yan but not optimistic dahil sa tingin ko ang ganitong usapin ay dadaan muna sa masusing pag-aaral. Mukhang yung news about digital dollar of US has an impact dahil dito.

Talagang aabot yan sa strict na proseso kabayan, dahil hindi biro ang ganyang plano lalo na central bank ng Pilipinas ang nakasalalay dito. Malaking organisasyon ang naka focus sa ganitong usapin, kasi hindi lang isang tao ang apektado neto kundi buong bansa. Kapag hindi maganda ang kalalabasan ng sariling digital currency, apektado ang ekonomiya natin, pero kung mabuti ang resulta tayo rin ang makaka benepisyo.

[mk4]

Makes me really skeptical knowing what happened to Venezuela's Petro-Dollar[1]. If they went ahead with this, hopefully they're going to do it with good intentions in mind.

[1] https://news.bitcoin.com/petro-dollar-system-crumbles-us-dollar-could-collapse-from-the-worlds-oil-wars/

[Bttzed03]

~
Well, PHX is just bank-backed by UnionBank itself and other institutions pero itong gagawin talaga ng BSP is more on the national scale I guess.

Definitely on a national scale since it's BSP. The point is, a bank they oversee is implementing it already. Kumbaga, hindi na nila kailangan magsimula sa wala. They can invite representatives from UB sa mga discussions.

Makes me really skeptical knowing what happened to Venezuela's Petro-Dollar[1]. If they went ahead with this, hopefully they're going to do it with good intentions in mind.

Kung hindi ako nagkakamali, Petro was issued out of desperation para makawala sa mga international sanctions kaya na-devalue ng sobra yung fiat currency nila. Hindi nila talaga napaghandaan yan.

Mukhang wala naman ganung factor dito sa atin and BSP is also taking their time.

[dothebeats]

This is old, and I think nasa stage pa rin ng research ang ating financial analysts and economists tungkol dito. Malamang eh mapatagal pa ng kaunti ang pagkakaroon natin ng ating digital currency, and to think na maraming ibang bagay ang nakahain sa plato ng ating mga ekonomista at mga opisyales ng gobyerno, malamang din ay bumagal ang isinasagawang research kaugnay nito. Tatagal pa siguro ng isa o dalawang taon bago magkaroon ng opisyal na draft tungkol dito sa digital currency na ito, o may tsansa ring ma-scrap ang idea na ito dahil na rin sa ilang failed 'experiments' sa ibang bansa kaugnay nito.

[mk4]

Kung hindi ako nagkakamali, Petro was issued out of desperation para makawala sa mga international sanctions kaya na-devalue ng sobra yung fiat currency nila. Hindi nila talaga napaghandaan yan.

Mukhang wala naman ganung factor dito sa atin and BSP is also taking their time.

Yeap, so far very unlikely for something bad to happen dahil so far mejo goodss parin ang Philippine Peso, pero I wouldn't underestimate the PH government(and the central bank) in terms of their capability to fuck up.  Of course, hoping for the best.

[Twentyonepaylots]

Kung hindi ako nagkakamali, Petro was issued out of desperation para makawala sa mga international sanctions kaya na-devalue ng sobra yung fiat currency nila. Hindi nila talaga napaghandaan yan.

Mukhang wala naman ganung factor dito sa atin and BSP is also taking their time.

Yeap, so far very unlikely for something bad to happen dahil so far mejo goodss parin ang Philippine Peso, pero I wouldn't underestimate the PH government(and the central bank) in terms of their capability to fuck up.  Of course, hoping for the best.

Wala akong problema sa central government, mas maraming mali ang nga nasasakupan nya like DOH ngayon mapapa 'wtf' ka na lang e pero in terms of financial mukang aariba naman tayo, may tiwala naman ako sa governor ng BSP at mukang gagalingan naman nila sa kanilang research about dito. Ang mahirap lang about this is the implementation, lahat ba magtitiwala sa nagawa nilang produkto? lahat ba gugustuhin iyon lalo na't alam naman natin ang mga tao sa pilipinas masyadong conservative sa lahat ng bagay, okay na sila sa tradisyonal. Hoping for what's best to our nation.

[abel1337]

Kung hindi ako nagkakamali, Petro was issued out of desperation para makawala sa mga international sanctions kaya na-devalue ng sobra yung fiat currency nila. Hindi nila talaga napaghandaan yan.

Mukhang wala naman ganung factor dito sa atin and BSP is also taking their time.

Yeap, so far very unlikely for something bad to happen dahil so far mejo goodss parin ang Philippine Peso, pero I wouldn't underestimate the PH government(and the central bank) in terms of their capability to fuck up.   Of course, hoping for the best.

I also hope na hindi ito maging daan para malagyan ng tax ang cryptocurrency dito sa pinas kasi alam naman natin nang pwede lagyan ng tax ay nilalagyan ng gobyerno natin.

Ang mahirap lang about this is the implementation, lahat ba magtitiwala sa nagawa nilang produkto? lahat ba gugustuhin iyon lalo na't alam naman natin ang mga tao sa pilipinas masyadong conservative sa lahat ng bagay, okay na sila sa tradisyonal. Hoping for what's best to our nation.

Magiging mahaba habang processo to sigurado. Sana hindi tayo direct maapektuhan like maging hassle ang mode of cash out natin because of this digital currency.

[Theb]

If there plan is to create some kind of stable-coin yung gagawin is fiat-backed crypto then go for it even if hindi naman sya ganun na kailangan ngayon dahil na din lahata ng apps and e-commerce websites na ginagamit natin ngayon ay may sarili ng mga wallet katulad ng Grab, Lazada, o Shopee. It wouldn't really make any sense kahit sabihin nilang panlaban nila ito sa pandemic sa Pilipinas pero sa tingin ko this is a step in the right direction. The biggest problem is the Philippines is not yet ready to go digitalized kumpara sa mga bansa na nabanggit sa article katulad ng China, kumbaga kahit may digital currency tayo ng Peso konti lang ang makakagamit nito at makaka-kompetensya nya ang ibang wallet apps na meron tayo. If they are just creating some kind of utility token sa tingin ko ito yung hindi na magandang gawin ng BSP dahil na rin sa nasabi ni mk4.

[bitsurfer2014]

Maganda sana itong balita kaso alam naman natin yung ugaling "ningas kugon" ng mga pinoy, mabuti lang sa umpisa at saka nan dyan pa yung mga legacy policy makers na ayaw ng pag babago.

Pero sa tingin ko ay darating din tayo sa puntong ito lalo na pag naging maganda yung resulta ng sariling digital currency ng China, sana matupad ito sa pinaka madaling panahon. Imho.

[Theb]

Maganda sana itong balita kaso alam naman natin yung ugaling "ningas kugon" ng mga pinoy, mabuti lang sa umpisa at saka nan dyan pa yung mga legacy policy makers na ayaw ng pag babago.

Tandaan na dapat hindi natin i-assume na maganda yung balita just because yung mga ibang bansa meron ng sariling digital currency. Hindi kasi porket may plano ng gagawin na digital currency ang Pilipinas pwede na natin sabihin na magiging beneficial ito sa bansa natin dahil sa ngayon hindi pa natin alam kung anong purpose ng cryptocurrency na ito kung magiging backed ba sya ng sarili nating FIAT currency or some kind of project based katulad ng nasa Venezuela. Either way hindi pa din natin masasabi na good news ito depende pa din sa magiging plano ng gobyerno gaya na din kung paano natin batikusin ang mga ICOs.

Pero sa tingin ko ay darating din tayo sa puntong ito lalo na pag naging maganda yung resulta ng sariling digital currency ng China, sana matupad ito sa pinaka madaling panahon. Imho.

We can't really assume that the same thing will happen to us as what will gonna happen with China. Kasi sa puntong ito ang China meron talaga silang plano on digitization of their payments na ang Pilipinas ay wala pa kasi ang mismong gobyerno nila may ginagawang aksyon as compared sa atin na wala. Sa tingin ko nga before tayo mag-expect ng digital currency para sa atin dapat may ginagawa muna yung gobyerno on modernizing our country para lahat ay makikinabang nito.

[bitsurfer2014]

Maganda sana itong balita kaso alam naman natin yung ugaling "ningas kugon" ng mga pinoy, mabuti lang sa umpisa at saka nan dyan pa yung mga legacy policy makers na ayaw ng pag babago.

Tandaan na dapat hindi natin i-assume na maganda yung balita just because yung mga ibang bansa meron ng sariling digital currency. Hindi kasi porket may plano ng gagawin na digital currency ang Pilipinas pwede na natin sabihin na magiging beneficial ito sa bansa natin dahil sa ngayon hindi pa natin alam kung anong purpose ng cryptocurrency na ito kung magiging backed ba sya ng sarili nating FIAT currency or some kind of project based katulad ng nasa Venezuela. Either way hindi pa din natin masasabi na good news ito depende pa din sa magiging plano ng gobyerno gaya na din kung paano natin batikusin ang mga ICOs.

Siyempre feasibility study pa lang ito at hinde naman ibig sabihin na matutuloy ito agad agad dahil depende din ito kung anong yung magiging resulta ng study at saka alam naman natin na hinde ito basta basta maisasa-katuparan agad agad. Pero sa palagay ko ay maganda nman itong balita kasi kung titingnan natin ay gumagawa na ng mga hakbang yung Gobyerno na tumangkilik ng mga makabagong paraan gaya ng blockchain technology para mas lalong mapabuti yung sistema nito kung kinakailangan.

We can't really assume that the same thing will happen to us as what will gonna happen with China. Kasi sa puntong ito ang China meron talaga silang plano on digitization of their payments na ang Pilipinas ay wala pa kasi ang mismong gobyerno nila may ginagawang aksyon as compared sa atin na wala. Sa tingin ko nga before tayo mag-expect ng digital currency para sa atin dapat may ginagawa muna yung gobyerno on modernizing our country para lahat ay makikinabang nito.

Sa ngayon ay wala pa ding kasiguruhan kung magiging maganda yung epekto sa hakbang na ito ng China, so hinde pa din nating masasabi na maganda na talaga yung naging resulta sa kanila. Pero if sa tingin ng tao ay may mabuting naidulot nito sa China ay di malayong sumunod sa hakbang na ito yung ibang mga bansa kasama na yung Pilipinas. Sa ngayon ito ay parang experimento pa din sa China at hinde pa natin alam yung magiging epekto nito sa kalaunan. Imho.

[Insanerman]

Ano sa tingin niyo sa mga kababayan? Sa tingin ko mukhang matutuloy yan but not optimistic dahil sa tingin ko ang ganitong usapin ay dadaan muna sa masusing pag-aaral. Mukhang yung news about digital dollar of US has an impact dahil dito.

But then the bigger problem na sobrang laki nang posibilidad na mangyari is maopen-up yung cryptocurrency and current users nito in which they might study nor investigate anyone involve in any forms or making profit out of cryptocurrency, and there's no impossibility that they might also come up to an idea about taxing such activities (which could take years to happen of course). But then the bigger advantage naman if ever they really pushed the idea would somehow change the ideology of the Filipinos with Bitcoin and crypto being a scam, especially with the current issue of forsage lol

[rhomelmabini]

But then the bigger problem na sobrang laki nang posibilidad na mangyari is maopen-up yung cryptocurrency and current users nito in which they might study nor investigate anyone involve in any forms or making profit out of cryptocurrency, and there's no impossibility that they might also come up to an idea about taxing such activities (which could take years to happen of course). But then the bigger advantage naman if ever they really pushed the idea would somehow change the ideology of the Filipinos with Bitcoin and crypto being a scam, especially with the current issue of forsage lol

Kahit meron pang ganito yang mga scammers na yan maghahanap at maghahanap yan ng paraan maka-scam lang or they even take advantage if these digital money didn't dessiminate briefly to the whole nation, educating the citizen should be the focal point bago man nilang ilabas ito. Pero I'll precisely assume meron paring babatikos diyan or marami paring mga katanungan kahit mailabas man.

I'm not against taxing it but I am hoping it should always be to those who have their digital assets and I think it is on the process by this proposed bill by Joey Salceda the House Bill 6765 also known as “Digital Economy Taxation Act”.

[Theb]

But then the bigger problem na sobrang laki nang posibilidad na mangyari is maopen-up yung cryptocurrency and current users nito in which they might study nor investigate anyone involve in any forms or making profit out of cryptocurrency, and there's no impossibility that they might also come up to an idea about taxing such activities (which could take years to happen of course). But then the bigger advantage naman if ever they really pushed the idea would somehow change the ideology of the Filipinos with Bitcoin and crypto being a scam, especially with the current issue of forsage lol

Kahit meron pang ganito yang mga scammers na yan maghahanap at maghahanap yan ng paraan maka-scam lang or they even take advantage if these digital money didn't dessiminate briefly to the whole nation, educating the citizen should be the focal point bago man nilang ilabas ito. Pero I'll precisely assume meron paring babatikos diyan or marami paring mga katanungan kahit mailabas man.

I'm not against taxing it but I am hoping it should always be to those who have their digital assets and I think it is on the process by this proposed bill by Joey Salceda the House Bill 6765 also known as “Digital Economy Taxation Act”.

Kung sa tingin ko naman mag-iissue ng digital cryptocurrency ang Pilipinas hindi na naman tayo mag-kakaroon ng additional tax sa kikitain natin dito dahil meron na tayong tax para sa ganito either income tax or capital gains depende kung paano ka kikita dito. Ang pag-pataw ng bagong tax dito will be counted as double taxation dahil in a sense digital currency lang ito at it will act as a Philippine Peso, hindi porket naging digital yung currency mo ay magiging applicable na ito sa bagong tax. Just look at other countries na nahihirapan kung anong classification lang ang ibibigay sa cryptocurrency dahil dito nila makikita kung ano magiging tax nito.

[blockman]

Tingin ko hindi na nila kailangan gawin yan. Ang kailangan nilang mas paigtingin ay yung mobile banking at mas mabilis na serbisyo sa lahat ng mga bangko. Gumawa sila ng direktiba na lahat ng mga malalaking commercial banks ay magkaroon ng mas upgraded na system para mas mapabilis lahat ng transactions. Halos lahat naman transactions ngayon ay digital na at mobile kaya kung gagawa sila, parang masasayang lang yung pondo na ilalaan para dyan.

[Twentyonepaylots]

But then the bigger problem na sobrang laki nang posibilidad na mangyari is maopen-up yung cryptocurrency and current users nito in which they might study nor investigate anyone involve in any forms or making profit out of cryptocurrency, and there's no impossibility that they might also come up to an idea about taxing such activities (which could take years to happen of course). But then the bigger advantage naman if ever they really pushed the idea would somehow change the ideology of the Filipinos with Bitcoin and crypto being a scam, especially with the current issue of forsage lol

Kahit meron pang ganito yang mga scammers na yan maghahanap at maghahanap yan ng paraan maka-scam lang or they even take advantage if these digital money didn't dessiminate briefly to the whole nation, educating the citizen should be the focal point bago man nilang ilabas ito. Pero I'll precisely assume meron paring babatikos diyan or marami paring mga katanungan kahit mailabas man.

Lahat nag eevolve at lahat pwedeng maadapt lalo na ng mga scammer, once they get to study the whole procedure makakahanap at makakahanap sila ng butas para punan at gamiting pang scam sa mga unaware people lalo na pag sinabing "pera" madaling makaatract yan. And I agree, bago sana ilabas to sana maraming tao ang maging aware at hindi lang sakay sa agos, at sana paglabas nito pulido na at hindi na magkaron ng maraming problema.

I'm not against taxing it but I am hoping it should always be to those who have their digital assets and I think it is on the process by this proposed bill by Joey Salceda the House Bill 6765 also known as “Digital Economy Taxation Act”.

Me too, kung magkron man ng taxation sana fair at proportion. May tiwala naman ako dito kahit papaano.