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Featured

by Kevin Helms

12 hours ago



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.”


PHILIPPINES’ BSP TO LAUNCH WHOLESALE CBDC BY 2029

The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), plans to
introduce its wholesale central bank digital currency (CBDC) by 2029, aligning
with the term of BSP Governor Eli Remolona Jr. The governor previously indicated
that the central bank could launch a CBDC within his six-year tenure, which
concludes in 2029.

In a recent press briefing, BSP Deputy Governor Mamerto Tangonan provided an
update on Project Agila, the bank’s wholesale CBDC initiative, stating:

> We’re already about to conclude proof of concept. This is an innovative
> payment instrument. In fact, there’s no central bank in the world that has
> already launched wholesale CBDC, I guess with the exception of the Swiss
> National Bank.

Tangonan remarked, “The governor is very early in his term and we’re already
about to conclude proof of concept.”



He further stated: “If after a proof of concept that now brings the literacy and
the knowledge of both BSP and the banks to a level that they are ready to launch
it, then only such time will we make a decision whether to go or not go.” He
opined:

> This is an entirely new thing, and we have to make sure that we can offer it
> and operate. It’s a BSP-issued digital currency so we have to make sure we can
> offer it, maintain it and operate it safely, and that the banks can do
> likewise and that they have business use cases for it.

Project Agila, launched in December 2022 and formerly known as Project CBDCPh,
is a two-phase initiative to explore CBDC technology and assess its potential to
improve large-value payment systems. In July 2023, the BSP selected Hyperledger
Fabric as its distributed ledger technology for the first phase. Project Agila
aims to familiarize the BSP and participating financial institutions with CBDC
technology solutions to enhance the country’s large-value payment system.

What do you think about the Philippines’ plan to launch a wholesale CBDC by
2029? Let us know in the comments section below.

TAGS IN THIS STORY

CBDC, central bank digital currency, Crypto, Cryptocurrency, Philippines




KEVIN HELMS

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an
evangelist ever since. His interests lie in Bitcoin security, open-source
systems, network effects and the intersection between economics and
cryptography.



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