Philippine Central Bank Warms Up to Digital Money to Aid Fintech

Benjamin Diokno

Photographer: Geric Cruz/Bloomberg

Philippine central bank Governor Benjamin Diokno said the technology behind digital tokens could improve delivery of financial services, as the regulator proceeds to study the feasibility of its own digital currency.

Digital tokens expand reach and lessen costs of financial services, Diokno said in an emailed reply to Bloomberg late Thursday. It could also help the central bank eventually reduce the use of fiat money, he said.

The Philippines’ study of a central bank-backed digital currency includes “a comprehensive discussion” on issues such as price stability and legal hurdles, Diokno said, as monetary authorities in the EU and China consider their own digital currencies. The central bank will also assess the impact on the existing domestic digital-token market and the broader financial system, he said.

The Philippines adopted an open and flexible regulation of digital tokens early, paving the way for relatively wider use

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China needs first mover advantage in digital currency race

SHANGHAI: China needs to become the first nation to issue a digital currency in its push to internationalise the yuan and reduce its dependence on the global dollar payment system, a commentary published by the country’s central bank said.

An article published in China Finance, a magazine run by the People’s Bank of China (PBOC), said the rights to issue and control a digital currency would become a “new battlefield” of competition between sovereign countries.

Issuance and circulation of the digital currency would bring great changes to existing international finance, it said.

“China has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate the pace to seize the first track,” the article, which was published on the weekend, said.

Local media last month reported some of China’s major state-run commercial banks have already started conducting large-scale internal testing of a digital wallet, moving a step closer

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Equinix Expands Collaboration with VMware to Help Enterprises Accelerate Digital Transformation

VMware to Offer SD-WAN Edge on Equinix’s Network Edge & Expand Global Footprint on Platform Equinix

REDWOOD CITY, Calif., Sept. 21, 2020 /PRNewswire/ — Equinix, Inc. (Nasdaq: EQIX), the global interconnection and data center company, today announced an expanded collaboration with VMware to help enterprises accelerate digital transformation. As part of this expansion, VMware will offer its SD-WAN Edge as a virtual network function (VNF) on Equinix’s Network Edge. VMware is also extending its presence in Equinix International Business Exchange™ (IBX®) data centers across the Americas, Europe, Asia-Pacific and the Middle East to enable greater connectivity for customers on a global scale.

As enterprises worldwide pursue digital transformation initiatives, they increasingly embrace cloud-style models and services to meet their objectives. With employees and customers dispersed across geographic locations and different cloud providers, there is unrelenting pressure on enterprise networks to become more agile, flexible and easier to deploy

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China needs first mover advantage in digital currency race: PBOC magazine

SHANGHAI (Reuters) – China needs to become the first nation to issue a digital currency in its push to internationalise the yuan and reduce its dependence on the global dollar payment system, a commentary published by the country’s central bank said.

An article published in China Finance, a magazine run by the People’s Bank of China (PBOC), said the rights to issue and control a digital currency would become a “new battlefield” of competition between sovereign countries.

Issuance and circulation of the digital currency would bring great changes to existing international finance, it said.

“China has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate the pace to seize the first track,” the article, which was published on the weekend, said.

Local media last month reported some of China’s major state-run commercial banks have already started conducting large-scale internal testing of a digital wallet, moving a

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Beijing sees digital currencies as ‘new battlefield’ in global finance

The People’s Bank of China is placing a strong emphasis on the geopolitical stakes of the country’s central bank digital currency development.

An article published in the PBoC-run magazine China Finance this weekend argued that Beijing should “accelerate the pace [of CBDC development] to seize the first track” in the global race to issue fiat digital currencies.

The article stated that China should seize the advantage of becoming a first mover in the arena of digital currencies, which it characterized as the “new battlefield” of inter-state competition.

At stake, the article claimed, would be significant changes to the geopolitical status quo in international finance and an opportunity to break dollar hegemony and internationalize the yuan.

Moreover, data feedback from a PBoC-issued digital currency would be beneficial for national monetary policy, all the more crucial in a post-pandemic landscape fraught with economic challenges. 

The article outlined that, as of the end

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Reserve Bank of the Philippines to Continue Working on its Central Bank Digital Currency which Might Streamline Financial Services

Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency.

Diokno believes that digital tokens can help reduce the costs associated with providing certain financial services. They might also help the country’s reserve bank with reducing the use of fiat money, the governor stated.

As reported by Bloomberg Quint, the reserve bank in the Philippines is looking into the potential benefits that central bank digital currencies might offer. The bank has reportedly held “comprehensive discussions” on the regulatory requirements for issuing a state-backed virtual currency.

EU member states have also held discussions about issuing digital currencies. However, China appears to have taken the lead when it comes to developing a CBDC and also with promoting the adoption

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Bank of Canada deputy who spearheaded digital currency efforts won’t seek second term

Carolyn Wilkins will not seek a second term in her role as senior deputy governor of the Bank of Canada, the organization’s board of directors announced Thursday. 

Wilkins has served as senior deputy governor since May 2014 and is the first woman to hold the position.

Those who have followed the Bank of Canada’s digital currency efforts since its inception — particularly around Project Jasper — will recall Wilkins’s key role in that process. Back in 2017, she penned an op-ed on the initiative in which she wrote about the challenges and opportunities in utilizing the technology in the central bank context. In 2019, she co-authored a paper on central bank digital currencies, sharing her perspective in an area that would later be explored by a range of institutions worldwide. 

Digital currencies formed one part of Wilkins’s remit at the Canadian central bank, during which she led its economic and

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The Bahamas’s central bank put its digital currency on its official balance sheet in April

In a financial statement published in late April, the Central Bank of The Bahamas achieved a little-known milestone — including its brand-new digital currency on its balance sheet.

First included on page forty-seven of its annual report, the central bank noted that it had put $48,000 worth of the Sand Dollar into circulation.

The document later notes that: “The Bank made a pilot testing of the Sand Dollar in Exuma and has issued Sand Dollars in circulation valued at $48,000 to various retailers.”

The Sand Dollar project features prominently into The Block’s new report on central bank digital currencies. The exhaustive report covers a range of CBDC projects, including those being conducted by the Bahamas, China, the European Central Bank, and other institutions of its kind.

The Sand Dollar, intended to help modernize the region’s financial system and digitize the Bahamian dollar, is expected to go live sometime in the

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Blockchain technology, financial and self-sovereign digital identities

Imagine if it were possible for your identity to be available at any time, where third parties could only access it with your consent. The discourse that everyone has the right to own their digital identity has been gaining momentum around the world. And the path to this is the development of “decentralized digital identity” solutions.

What is a self-sovereign identity?

Here, it is important to clarify that according to the concept of self-sovereign digital identity, owners (holders) of the digital identity are responsible for the control and management of their data. And that not only includes basic personal data but also information about your relationships with other people, companies and even things.

It is users who control their data, which is in line with the objective of data protection laws such as General Data Protection Regulation, or GDPR, and the General Law for the Protection of Personal Data in

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What will China’s central bank digital currency mean for Alipay and WeChat Pay?

China’s e-payments ecosystem is set to step up a level of sophistication as the coronavirus pandemic and deteriorating US-China relations hasten Beijing’s plans for a digital fiat currency; potentially complicating a landscape dominated by Alipay and WeChat Pay.

The central bank’s e-yuan, called Digital Currency Electronic Payment (DC/EP), would let citizens ­pay for goods with e-wallets, replacing banknotes and coins and ­accelerating the dash by the world’s second-largest economy towards a cashless society.

“The timetable has been sped up by the coronavirus and the realpolitik of US-China relations,” said former IBM executive Richard Turrin, who is writing a book on China’s digital currency.

China already boasts more electronic mobile payments than anywhere else, with 711 million monthly active users on Ant Group’s Alipay and about 800 million on Tencent Holdings’ ­WeChat Pay service in a US$49 trillion market, almost 500 times bigger than in the United States. Yi Gang, the

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