The Philippines to Issue Wholesale Central Bank Digital Currency in Two Years: Here’s What You Need to Know 😄💰

The central bank of the country has no intention to release a retail version of the digital currency.

According to a report, the Philippines has dismissed the idea of using blockchain technology for a wholesale Central Bank Digital Currency (CBDC) that is expected to be implemented by 2026.

In a world where cryptocurrencies and digital assets are gaining more attention and recognition, it’s no surprise that central banks are also exploring the potential of digital currencies. And the Philippines is no exception! 🇵🇭

According to the Inquirer, the Philippines is planning to issue a wholesale central bank digital currency (CBDC) within the next two years. 🚀 While many countries are considering both retail and wholesale CBDCs, the Philippines has decided to focus solely on the wholesale aspect.

What Is a Central Bank Digital Currency (CBDC)?

Before we dive into the exciting details, let’s quickly go over what a CBDC actually is. A CBDC is a digital form of currency issued by a country’s central bank. It’s an electronic version of the traditional fiat currency that is used within a nation’s economy.

Going Wholesale: Why Not Retail?

Now, you might be wondering why the Philippines is opting for a wholesale CBDC instead of a retail one. Well, it all comes down to concerns about potential bank runs. 🏦

A retail CBDC, as the name suggests, would be accessible to the general public. This means that individuals would have the ability to directly hold and transact with the digital currency. However, the Philippines central bank is wary that this could lead to bank runs and pose risks during times of financial stress.

Improved Efficiency and Safety with Wholesale CBDCs

On the other hand, a wholesale CBDC is designed exclusively for institutional use. In the case of the Philippines, this means that it will primarily serve the needs of financial institutions and enable more efficient and secure domestic and cross-border payments. 💼💸

By limiting the CBDC to the wholesale market, the Philippines aims to strike a balance between leveraging the benefits of digital currency technology while safeguarding against potential risks.

Blockchain… Or Not?

Now, here’s an interesting twist. While many virtual assets and cryptocurrencies are built on blockchain technology, the Philippines central bank does not plan to utilize blockchain for its wholesale CBDC. Central bank Governor Eli Remolona Jr explained that other central banks have tried blockchain technology, but it didn’t go well for them.

This decision showcases the Philippines’ cautious approach and desire to explore alternative technological solutions that best suit their specific needs.

Frequently Asked Questions About the Philippines’ CBDC Plans

Q: What is the difference between a retail and wholesale CBDC? A: A retail CBDC is accessible to the general public, allowing individuals to directly hold and transact with the digital currency. On the other hand, a wholesale CBDC is exclusively designed for use by financial institutions.

Q: Why is the Philippines not using blockchain for their CBDC? A: The Philippines central bank has decided not to use blockchain for its wholesale CBDC, citing concerns based on the experiences of other central banks. They are exploring alternative technological solutions instead.

Q: How will a wholesale CBDC improve payments in the Philippines? A: A wholesale CBDC can enhance the efficiency and safety of domestic and cross-border payments, benefiting financial institutions and promoting a more seamless financial ecosystem.

Looking Ahead: The Future of CBDCs in the Philippines

As the Philippines prepares to launch its wholesale CBDC within the next two years, it’s important to consider the broader implications and potential future developments. 🚀 Here are a few insights into what lies ahead:

  1. Enhanced Financial Stability: Wholesale CBDCs can improve the stability and security of the financial system, enabling faster and more secure transactions.

  2. Possible Expansion to Retail: While the initial focus is on wholesale CBDCs, there may come a time when the Philippines decides to explore the retail aspect as well. However, careful considerations of the risks and impacts would be necessary.

  3. Collaborative Efforts: The Philippines is not alone in its exploration of CBDCs. Central banks worldwide are closely observing and sharing knowledge to ensure effective and efficient implementation.


  1. The Inquirer – Full Article
  2. Exploratory Study into CBDCs in 2020
  3. Bank for International Settlements (BIS) – CBDC Risks

Oh, and one more thing! If you want to stay up to date on the latest news and trends in the world of blockchain, cryptocurrencies, and digital assets, don’t forget to hit that share button! 📲✨

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Kraken co-founder's scathing critique of the 'decel' SEC, advises others to escape the clutches of the US

Kraken co-founder, Jesse Powell, criticizes the SEC for suing the exchange and accusing them of extorting millions of...


Blockchain speed in Zhejiang: bid farewell to 100 million paper notes in 6 months

Author: Huang Hui Source: Chinanews, Jan. 17th. In order to achieve the "running at most once"...


FTX Customers Buckle Up! $9B Shortfall Claim Payout Expected to Roll Out by Mid-2024

Good news for fashion lovers! FTX has reached a settlement with their debtors and creditors, potentially returning $9...


GBTC’s Discount Shrinks as Spot Bitcoin ETFs Close In on Approval

Breaking Fashion Update Bitcoin Trust Discount Hits Record Low of Only 16% Below Net Asset Value


U.S. District Court Rules in Favor of SEC in Terraform Labs Case: Highlights and Analysis

The SEC has successfully won the legal battle against Terraform Labs and Do Kwon.


Oil giant Shell invests in US venture capital LO3 Energy to explore blockchain power platform

LO3 Energy, a US-based blockchain startup, is working to “democratize the energy industry,” the company...