Philippines' central bank stiffens reporting standards for payment system operators
The Bangko Sentral ng Pilipinas (BSP) has placed firm reporting standards for operators of payment systems in a move to make the Philippines’ payment system strong and more efficient.
Philippine Central Bank Signals More Rate Hikes, Foreign Exchange Moves
Philippine central bank Governor Felipe Medalla discusses monetary policy, the economy and the local currency. Bangko Sentral ng Pilipinas on Thursday delivered a half-point interest rate hike. Medalla speaks with Shery Ahn and David Ingles on “Bloomberg Markets: China Open.”
Philippine Central Bank Unexpectedly Hikes Key Rate by 75 Basis Points
The Philippine central bank unexpectedly raised its key interest rate by 75 basis points to 3.25% in an unscheduled move. Governor Felipe Medalla made the announcement via Facebook. Kathleen Hays reports on Bloomberg Television.
Why Central Banks Want To Get Into Digital Currencies
Intense interest in cryptocurrencies, like bitcoin, and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own. Advocates argue that central bank digital currencies, or CBDCs, can make cross-border transactions easier, promote financial inclusion, and provide payment system stability. Here’s how central bank digital currencies could become the future of digital finance.
Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.
China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou.
“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”
The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.
Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.
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Why Central Banks Want To Get Into Digital Currencies
Philippines central bank deputy governor discusses digital asset regulation
Chuchi Fonacier of the Bangko Sentral ng Pilipinas says regulators have to strike the right balance in creating an environment that allows innovation while ensuring the safety of the financial system.