It should be abundantly clear to almost everyone by now that digital currencies are going to be the next step in the evolution of money. While there will always be those who stubbornly refuse to accept change of any kind, even when it creates a better environment, the number of people who refuse to accept or embrace cryptocurrencies continues to dwindle. As the latest example of the role crypto is going to play in society, the Philippines are getting on board the central bank digital currency (CBDC) train with plans for launching its own digital currency.

Bloomberg reports that Benjamin Diokno, the governor of the Philippine central bank, has organized a team of individuals to explore the launch of a CBDC. The group will prepare a report on the merits – and possible pitfalls – of the digital currency, providing an in-depth analysis of the viability of the project. That report is expected to be ready sometime next month.

As has been the case in other countries that have explored their own CBDC, the concept isn’t necessarily driven by the use of crypto itself. Diokno explains, “Cryptocurrency for us has always been beyond the asset itself but more on the blockchain technology that underpins it.” He adds that introducing a CBDC won’t threaten the country’s national currency and would, instead, work in tandem with the fiat counterpart.

So far, Japan, China, Switzerland, Sweden, France, the Marshall Islands, Bermuda and others have dived into the digital currency realm with their own CBDC projects. Each country is at different stages of development, but they have all embraced the idea only within the past 12-18 months – a short time considering the extensive history of money, and they all understand the benefits of including a digital version of money that can facilitate financial transactions cheaper, quicker and with more safeguards than found with fiat alternatives.