The post Philippine central bank wraps up CBDC trial, sees future in wholesale tokens appeared on BitcoinEthereumNews.com.

The Philippine central bank has completed trials for a wholesale CBDC proof-of-concept designed to enable round-the-clock fund transfers among financial institutions. The Bangko Sentral ng Pilipinas has concluded testing for Project Agila, a proof-of-concept for a wholesale central bank digital currency aimed at streamlining interbank payments, the central bank revealed in a press release on Thursday, Dec. 5. The initiative allows financial institutions to transfer funds securely even during non-business hours, including evenings, weekends, and holidays, using distributed ledger technology hosted on Oracle Cloud Infrastructure, the press release reads. The pilot tested various aspects of the system, including functionality, performance, security, and programmability, according to the BSP. Unlike retail CBDCs meant for the public use, wholesale CBDCs are issued by central banks for use by commercial banks and financial institutions in high-value transactions, such as interbank payments, securities settlements, and cross-border transactions. BSP Governor Eli M. Remolona, Jr. highlighted the potential benefits of wholesale CBDCs, stating they are expected to “enhance liquidity management, reduce settlement risks, and support financial stability.” Although the result of the pilot weren’t disclosed, Remolona added that insights from Project Agila would inform the central bank’s future CBDC roadmap, which seeks to leverage digital technologies to improve the efficiency and resilience of the national payment system. Introduced in March 2022, Project Agila is designed to evaluate the potential of CBDC technology to improve the efficiency and reliability of the Philippines’ large-value payment system. Although the Bangko Sentral ng Pilipinas has not yet committed to adopting a CBDC, the initiative highlights its broader strategy to embrace emerging technologies, aiming to accelerate the digitization of the nation’s financial infrastructure. Source: https://crypto.news/philippine-central-bank-wraps-up-cbdc-trial-sees-future-in-wholesale-tokens/

---

Filed under: News - @ December 5, 2024 9:21 am