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Philippines central bank may issue own digital currency next year

The Bangko Sentral ng Pilipinas (BSP) is considering launching its own central bank digital currency (CBDC) as early as next year or by 2026, aiming to offer a regulated alternative to cryptocurrencies, according to BSP Governor Eli M. Remolona Jr. This move, inspired by advances in countries like Sweden and China, could see the Philippines emulating successful CBDC models. The BSP has opted for a wholesale CBDC approach, targeting commercial banks and financial institutions for transactions such as interbank payments and cross-border transactions, using Hyperledger Fabric for its pilot project. Unlike blockchain, this technology will integrate with the BSP’s existing payment system, PhilPaSSPlus. The initiative, dubbed Project Agila, aims to familiarise the financial sector with CBDC technology, potentially enhancing transaction efficiency and safety in the national payment system.


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