Filipino Banks Collaborate on Launching PHPX Multi-Issuer Peso Stablecoin Using Hedera Blockchain
A group of Filipino banks is preparing to introduce PHPX, a peso-backed multi-issuer stablecoin, later this year, which will initially operate on the Hedera Distributed Ledger Technology (DLT) network. Among the banks participating are UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and the Rural Bank of Guinobatan. While the Singapore-based Just Finance is […]
Central Bank of the Philippines Completes Testing for Project Agila: Wholesale CBDC
The Bangko Sentral ng Pilipinas (BSP) has successfully concluded testing for Project Agila, a pioneering initiative aimed at enabling financial institutions (FIs) to conduct fund transfers seamlessly, even outside traditional business hours. This includes evenings, weekends, and holidays. The innovative project leverages open-source distributed ledger technology (DLT) through Oracle Cloud Infrastructure, setting the stage for […]
Philippines to Launch Wholesale CBDC by 2029
The Bangko Sentral ng Pilipinas (BSP) is advancing towards the issuance of its own central bank digital currency (CBDC), codenamed Project Agila, sooner than initially anticipated. The proof-of-concept phase is expected to conclude by the end of this year, setting the stage for an earlier launch during the term of BSP Governor Eli M. Remolona […]
Project Agila to Finalise Philippines Wholesale CBDC Pilot in 2024
The Bangko Sentral ng Pilipinas (Philippines Central Bank) is set to finalise its wholesale CBDC pilot, known as Project Agila, within the year. The project, which sees the collaboration of six local financial institutions, is exploring the potential of using CBDC for securities transactions, as indicated by Mamerto Tangonan, the Deputy Governor for Payments and […]
Philippines set to launch a wholesale CBDC within the next two years
The Philippines is poised to launch a central bank digital currency (CBDC) within the next two years, following the lead of other regulators who have introduced such digital assets to counter the volatility of cryptocurrencies and offer an alternative means of payment and asset storage. Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. has […]
Project Agila: Philippines Central Bank Chooses Hyperledger Fabric Blockchain for Wholesale CBDC Trial
The Bangko Sentral ng Pilipinas (BSP) has announced its choice of the Hyperledger Fabric blockchain for Project Agila, its inaugural wholesale central bank digital currency (CBDC) trial. This selection came after consultations with key entities such as the International Monetary Fund (IMF), the BIS Innovation Hub, and other financial institutions. Wholesale CBDCs are typically built […]
Snapshot: Which countries have made the most progress on CBDCs so far in 2023
Source: Atlantic Council 2023 is already shaping up to be a major year in central bank digital currency (CBDC) exploration. As of March 1, sixty-five countries are in the advanced stage of development, and over twenty central banks have launched their pilots, including Brazil, Japan, and Russia. To dive deeper into these countries, follow our CBDC […]
Project CBDCPh: Bangko Sentral ng Pilipinas (BSP) pursues pilot project of a wholesale CBDC
Central bank digital currencies: a new tool in the financial inclusion toolkit?
Philippines central bank to launch CBDC research effort
