🔶IMF to work with Philippines to create CBDC

The International Monetary Fund (IMF) has announced plans to create a central bank digital currency (CBDC) in partnership with the Philippine central bank Bangko Sentralng Pilipinas (BSP). The IMF said its role would be to advise the country’s central bank on the technical details involved in creating a CBDC. In addition to providing technical assistance, the IMF noted that it will be involved in training BSP staff on digital currency applications.