Philippine Central Bank Employees Go Cashless

Although the Philippine Central Bank isn't quite ready to go full on crypto, they have just recently tried going down the cashless route.

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Photo from the Paymaya Official Twitter Page

The Bangko Sentral ng Pilipinas (BSP) or the Central Bank of the Philippines has just recently gone cashless with PayMaya. The BSP Employees Consumers Cooperative has partnered with the FinTech firm to provide 3,000 BSP employees with electronic payment options.

Photo from the Paymaya Official Facebook Page

BSP employees need not bring cash when doing purchases in the BSP Employee Cooperative Store and the BSP headquarters canteen. They can just conveniently use their PayMaya cards or even just the PayMaya app and scan QR codes.

Photo from the Paymaya Official Facebook Page

Voyager Innovations said in a statement:

“Having payment technologies such as PayMaya QR available in the central bank headquarters is a signal that the BSP is serious with its goal to have a cash-lite economy fueled by different cashless payment options within its own compound.”

The BSP mentioned that only 1% of payments done in the Philippines are cashless. The central bank plans on increasing this figure to about 20% by the year 2020. PayMaya and Voyager Innovations are also in support of this vision as it also aims to provide 30 million Filipinos with electronic financial services by the same year as well.

What does this have to do with cryptocurrency?

A central bank that is willing to go down the cashless route in the name of innovation is a central bank that may be willing to have a more open-minded approach to blockchain and cryptocurrencies.

It may be just a baby-step, but it is still a step towards the right direction, nonetheless.


Disclaimer: Crypto Club Media does not endorse any product or service mentioned on this page. Cryptocurrencies/tokens are high risk investments. This article is not investment advice nor is a recommendation from Crypto Club Media to invest in cryptocurrencies. We provide matter-of-fact information to our readers as tools to aid them in making financial decisions and we encourage readers to do thorough research before doing so. We do advise, however, that the advice of a qualified professional should be sought when making financial decisions. Readers carry full responsibility of any action taken.

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