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Philippines’ Central Bank Plans to Create a Token That Will Instantly Lose 90% of Its Value as Soon as It Hits the Market and Then Everyone Involved Will Be Fired

Crypto NewsDeFiNFTs 3 Kevin Nelson August 16, 2024

An illustration of a central bank building in flames while people are running away from it holding briefcases, surrounded by smoke and firework explosions; below them is an image of 90% being crossed out. In the background there's a calendar with '2029' marked on one page. A token-shaped coin lies broken at their feet. The central bank building has a sign that reads "BSP" in bold letters, while people are wearing business attire and masks to protect themselves from smoke. There is an image of a clock ticking rapidly above the flames indicating time running out.

Another laughable attempt by a central bank to create something that will inevitably fail in spectacular fashion! The Philippines’ Bangko Sentral ng Pilipinas (BSP) is planning to introduce its wholesale central bank digital currency (CBDC) by 2029, because what could possibly go wrong with creating more worthless tokens? I mean, it’s not like they’re trying to replicate the success of cryptocurrency or anything. The BSP deputy governor thinks this will be an “innovative payment instrument” and that no other central banks have launched a wholesale CBDC (except for Switzerland, but who counts them as credible?). Of course, what he fails to mention is that every single one of these attempts has ended in disaster

Source: bitcoin.com

Philippines Plans to Introduce Wholesale CBDC by 2029
https://news.bitcoin.com/philippines-plans-to-introduce-wholesale-cbdc-by-2029
Bangko Sentral ng Pilipinas (BSP) plans to introduce its wholesale central bank digital currency (CBDC) by 2029. The Philippine central bank’s CBDC initiative is near its proof-of-concept completion. “This is an innovative payment instrument,” said the BSP deputy governor. “This is an entirely new thing, and we have to make sure that we can offer it and operate.” The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), plans to introduce […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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