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.