The Philippines successfully tested a settlement system using the central bank digital currency
Date: 2024-12-06 Author: Gabriel Deangelo Categories: IN WORLD
The tests included checking the performance, security, programmability and general functionality of the system. According to the BSP, the technology will ensure 24/7 interbank transfers and replenishment of correspondent accounts, even on weekends and after business hours.
Leading financial institutions in the country, such as BDO Unibank, China Banking and Land Bank of the Philippines, joined the testing of the system. Participants noted that Agila has already successfully handled transactions in wholesale CBDCs. The technology is based on Hyperledger Fabric and Oracle Cloud architecture, ensuring the reliability and flexibility of the system.
In the near future, the BSP plans to develop a roadmap for the implementation and further development of CBDC in the Philippines. The Agila project will be implemented jointly with the pilot participants, which will take into account the needs and specifics of the local financial sector.
Earlier, the BSP also approved the launch of a pilot project of PHPC, a stablecoin pegged 1:1 to the Philippine peso. The PHPC test is being conducted with the participation of the local cryptocurrency platform Coins.ph. This further highlights the Philippines' commitment to integrating innovative technologies into its financial system.
