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haliyup

  4 months ago

How does a digital Philippine Peso sounds to you?
Closed

Browsing through the internet, I came across a piece of news about China being on track with releasing a digital version of their currency.The project is met with enthusiasm (like they have any choice). I wonder will this also be enthusiastically received by Filipinos, when and should our Central Bank adapt a virtual Philippine Peso.

China's Central Bank's digital currency project is actually part of their effort to become a complete cashless society. Their mobile phone is also their wallet. However the current setup is powered by sort of private chinese companies like WeChat and AliPay. The news is that the government will introduce an app bypassing WeChat and AliPay entirely.

I think our Central Bank also has this kind of digital project. However, I'm particularly sure of the details. What I know of is about bitcoin-like Philippine Currency being pushed by RCBC. The current setup may change and follow the model of China. Should the Philippine Peso become a digital currency, I'm excited and a bit wary about it.

Why? Because digital currency can be tracked and anonymity becomes less. While that feature address certain problems with the current financial setup, it also poses potential problems like privacy issues, digital theft, digital impersonification, and etc. So it's actually a mix feeling. I think I'll think about it before actually fully adapting it.

How about you?

Photo not mine. Credit to the owner.
Reply

DYNOV77

  4 months ago
I know using a cashless currency is convenient, and I like the idea up to a certain point. But I'm very paranoid about how secure it's going to be. In spite of all the security measures we do, these hackers are able to penetrate and steal hard-earned money. And sadly, banks would automatically wash their hands, saying: we could only protect your money up to a certain point. At the end of the day, they even end up blaming us, had we not been negligent in the usage of our account, we wouldn't have had these problems. Nevertheless, I'm keeping an open mind on Digital Currency. Let's see how it fares...
1 comments

AMBACON

  4 months ago
I still prefer cash
1 comments

rommel09

  4 months ago
Actually, the government is encouraging people to used mobile wallet, debit cards, prepaid and credit cards to pay for their purchases. This will be a good idea considering we are currently in a midst of a virus pandemic. Cash carries a lot of germs henced not a good idea to used. However, the problem is a lot of Filipinos has no bank account. Digital currency and cashless society will only be successful once citizens have their own bank account and debit cards. Second, the capability of small business owners like in the public market to have a technology that reads or accept debit card, mobile wallet and credit card. So having a full digital currency in the Philippines is not yet possible
1 comments

_Anemone

  4 months ago
That's true, in our society a lot of hackers and online predators are lurking, like on of the facebook incident where users "accepted" a term in which their info will be acquired and so it was used against them. I like the idea but hopefully it's more secured.
1 comments

eatee2017

  4 months ago
Cash is still King.
1 comments

cnormyl

  4 months ago
That sounds interesting. But i think im not willing enough to engage myself with this feature until it isn't proven that my personal data and private informations are very much secured from hackers.
1 comments

M4525842k

  4 months ago
Still..im for face to face..money transactions...
1 comments

Solemnity004

  4 months ago
I'm also a bit unsure about this digital thing. Cause privacy and security cannot be assured when data breach would happen.
1 comments

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