BSP wholesale CBDC proof-of-concept nearing completion - 0 views
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John Kiff on 25 Jul 24The Bangko Sentral ng Pilipinas (BSP) is reportedly progressing towards issuing its own wholesale central bank digital currency (CBDC), codenamed Project Agila, sooner than anticipated, with the proof-of-concept (POC) phase expected to conclude by the end of 2024. Deputy Governor Mamerto E. Tangonan confirmed that the CBDC could likely be launched in the earlier part of BSP Governor Eli M. Remolona Jr.'s six-year term, which runs from 2023 until 2029. Three uses cases mentioned; interbank settlement on weekends and holidays, securities settlement and cross border payments. With regards to the latter, the BSP is an observer of Project mBridge involving the BIS Innovation Hub and the central banks of China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia. HyperLedger Fabric's distributed ledger technology (DLT) is being used for BSP's sandbox experiments.