Bill Type
Long Title
AN ACT CREATING A BANGKO SENTRAL DIGITAL PESO (BSDP) AS A MEDIUM OF EXCHANGE OR AS MONEY FOR USE ON ALL DIGITAL MEANS, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES
Congress Author
Date filed
May 2, 2020
Scope

Legislative History

House Bill/Resolution NO. HB06646
FULL TITLE : AN ACT CREATING A BANGKO SENTRAL DIGITAL PESO (BSDP) AS A MEDIUM OF EXCHANGE OR AS MONEY FOR USE ON ALL DIGITAL MEANS, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES
ABSTRACT : Intends to address the fact that there is no sovereign digital currency in national circulation yet but only a patchwork of digital payment platforms and electronic money systems operated by private entities such as bank.Proposes to fill the gap by mandating the creation, adoption and perfection of a BSDP which is a digital sovereign-or central bank-backed digital currency equivalent of the paper peso in all its denominations and which shall be divisible up to one (1) centavo, which possesses all the characteristics and attributes of a valid legal tender.Provides that the BSP shall explore and study the technology of blockchain and post-blockchain cryptocurrencies to expand its knowledge base which it will use in deciding what can utilize for the BSDP, using a peer to peer system to verify its log chain.
PRINCIPAL AUTHOR/S : CUA, JUNIE E.
DATE FILED : 2020-05-02
SIGNIFICANCE: NATIONAL
CO-AUTHORS (Journal Entries) :
1. Gonzalez (000 2021-04-26) 2. Lusotan (000 2021-04-26)
ACTIONS TAKEN BY THE COMMITTEE ON RULES
REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2020-05-05

Abstract

Intends to address the fact that there is no sovereign digital currency in national circulation yet but only a patchwork of digital payment platforms and electronic money systems operated by private entities such as bank.Proposes to fill the gap by mandating the creation, adoption and perfection of a BSDP which is a digital sovereign-or central bank-backed digital currency equivalent of the paper peso in all its denominations and which shall be divisible up to one (1) centavo, which possesses all the characteristics and attributes of a valid legal tender.Provides that the BSP shall explore and study the technology of blockchain and post-blockchain cryptocurrencies to expand its knowledge base which it will use in deciding what can utilize for the BSDP, using a peer to peer system to verify its log chain.

Disclaimer

Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.