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Post: Exploring Philippines’ wCBDC Journey with Project Agila

Exploring Philippines’ wCBDC Journey with Project Agila

Key Points:

  • Project Agila focuses on transfers between commercial banks initially.
  • The Bangko Sentral ng Pilipinas plans to study wholesale central bank digital currency (wCBDC).
  • BSP’s deputy governor revealed details about the wCBDC pilot project, named Project Agila.
  • Six domestic banks are participating in the pilot to transfer funds using wCBDC.

Project Agila Focus:

The Project Agila initiative begins by concentrating on transfers between commercial banks before expanding to securities settlements and other high-value services in the future. This phased approach allows for gradual implementation and testing of the technology.

BSP’s wCBDC Study:

The Bangko Sentral ng Pilipinas (BSP) is planning to study wholesale central bank digital currency (wCBDC) through Project Agila. This study aims to understand the implications and applications of wCBDC in the financial ecosystem of the Philippines.

Details of Project Agila:

BSP’s Deputy Governor Mamerto Tangonan shared key information about Project Agila, emphasizing that it serves as a learning exercise for the central bank. The pilot project involving six domestic banks and the BSP aims to explore the potential of wCBDC in facilitating fund transfers efficiently and securely.

Participating Banks and Pilot:

Six notable domestic banks, including BDO Unibank, China Banking Corp., and Union Bank of the Philippines, are actively involved in the wCBDC pilot project alongside the BSP. Their participation indicates a collaborative effort towards understanding and implementing digital currency solutions for financial transactions.

Hot Take:

The BSP’s proactive approach to exploring wCBDC through Project Agila demonstrates a strategic initiative to embrace digital innovations in the financial sector. Collaborating with major banks in the pilot project signifies a comprehensive effort to enhance the efficiency and security of financial transactions in the Philippines.

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