The Philippine central bank completes wholesale CBDC pilot

2024-12-08 15:05:33

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ChainCatcher news, according to Ledger Insights, the Bangko Sentral ng Pilipinas (BSP) recently announced that it has completed a proof-of-concept trial for its Agila project wholesale central bank digital currency (wCBDC) in collaboration with other financial institutions. Specifically, the latest trial tested whether banks in the Philippines could make payments to each other outside of banking hours, such as during evenings, weekends, and holidays.

BSP Governor Eli M. Remolona, Jr. stated, "Wholesale CBDC is expected to enhance liquidity management, reduce settlement risk, and support financial stability. The insights from this project will guide BSP's CBDC roadmap. Our goal is to leverage new technologies to further improve the efficiency and resilience of the national payment system."

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