Central banks around the world are now looking into central bank digital currency (CBDC) due in part to the digitalization of payments, with some pilot testing their own version of the currency.
The Bangko Sentral ng Pilipinas (BSP) has unveiled its Digital Payments Transformation Roadmap 2020-2023, which charts the central bank’s current initiatives and strategy in advancing a digital payments ecosystem.
Regulatory policies on the establishment of digital banks are expected to be ready before the end of 2020, Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno said.
Officials of the United Coconut Planters Bank (UCPB) are set to file charges against the perpetrators of the cyber theft that cost the bank some P167 million in June 2020.
As some banks are set to resume collecting online transaction fees via InstaPay on Thursday, Oct. 1, Sen. Francis “Kiko” Pangilinan has asked the government to suspend or reduce these fees until the end of the Covid-19 pandemic.
The Bangko Sentral ng Pilipinas (BSP) has approved the setting of an annual interest rate ceiling of 24 percent on all credit card transactions effective November 3 this year.
Without a vaccine for Covid-19, BSP assistant governor Iluminada Sicat said the increasing trend in digital transactions is expected to continue “even as lockdown measures are eased”.
An official of the Bangko Sentral ng Pilipinas (BSP) warned of the risk of financial exclusion of some sectors even as the “new normal” makes going digital imperative.