Your Guide to the Philippines’ Wholesale CBDC Launch 🇵🇭
Exciting news is brewing in the Philippines as the central bank gears up to launch its wholesale central bank digital currency (CBDC). With Project Agila on the horizon, the Philippine financial landscape is about to witness a revolutionary shift in payment systems. 🌐💱
The Innovative Wholesale CBDC Initiative 🚀
Here’s what you need to know about the upcoming wholesale CBDC launch in the Philippines:
- The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), is nearing the completion of the proof-of-concept phase for Project Agila.
- Deputy Governor Mamerto Tangonan highlighted the innovative nature of this payment instrument during a recent press briefing.
- Project Agila was initiated in response to global interest in tokenized fiat currencies, with a focus on streamlining interbank, securities, and cross-border transactions.
- The initial pilot phase, which concluded successfully, selected Hyperledger Fabric as the underlying technology for its distributed ledger.
Operational Details of the Wholesale CBDC 🏦
Let’s delve into how the wholesale CBDC in the Philippines is designed to operate:
- The wholesale CBDC will operate on a bank-owned network for settlement, deviating from a public blockchain infrastructure.
- Intended for licensed banks and intermediaries, the wholesale CBDC targets wholesale transactions rather than retail use.
- The goal is to create a system where the CBDC complements cash, providing a seamless payment experience for users.
Upcoming Milestones for Project Agila 📈
What can we expect in the near future regarding the wholesale CBDC launch in the Philippines?
- The BSP is gearing up to release a comprehensive report on the findings and evaluations from the ongoing Project Agila sandbox experiments.
- The focus will be on exploring the potential of CBDC technology to enhance payment systems through programmability features.
- Controlled testing of a digital currency directly pegged to the Philippine peso has been authorized by the BSP.
- The 1:1 pegging aims to facilitate a smooth transition between digital and physical forms of the national currency.
Hot Take: Embrace the Future of Digital Currency in the Philippines! 🌟🇵🇭
Get ready to embrace the digital revolution in the Philippines with the imminent launch of the wholesale CBDC. Stay informed, stay engaged, and get ready to explore a new era of financial innovation. 💡💰
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