Bank

DeFi

Fabric

Planet

Security

<div class="intro-text">
 The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), is on track to launch its wholesale central bank digital currency (CBDC) by 2029.
</div>
During a <a style="color: #0000ff;" href="https://www.philstar.com/business/2024/07/25/2372672/bsp-issued-digital-currencies-likely-2029" rel="noopener noreferrer nofollow">recent press briefing</a>, BSP Deputy Governor Mamerto Tangonan announced that Project Agila, the central bank’s wholesale CBDC initiative, is nearing the end of its proof-of-concept phase. 
<blockquote>
 “Governor Remolona is early in his term, and we’re already close to completing the proof of concept. This is an innovative payment instrument, and only the Swiss National Bank has launched a wholesale CBDC,” 
</blockquote>
Tangonan stated.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/swiss-central-bank-to-continue-institutional-cbdc-trials-for-two-more-years/" rel="noopener noreferrer nofollow">Swiss Central Bank to Continue Institutional CBDC Trials for Two More Years</a>
<a href="https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=6841" rel="noopener noreferrer nofollow">Project Agila aims to explore CBDC technology</a> and evaluate its potential to enhance large-value payment systems. The BSP completed the first phase of the project in July last year and it selected Hyperledger Fabric as the distributed ledger technology for the digital currency.
Bridget Rose Mesina-Romero, Director of the BSP’s Payments Policy and Development Department, highlighted the bank’s methodical approach to this pioneering project and stated that findings from sandbox test experiments will be revealed by year-end.
The BSP is particularly interested in the programmability of CBDC technology, which could improve operational efficiency by reducing intermediaries in payment processes. Tangonan stressed the importance of ensuring a secure operational environment for CBDCs, emphasizing the need for thorough preparation by the BSP and affiliated banks.
<a style="color: #0000ff;" href="https://defi-planet.com/2022/01/what-are-cbdcs-and-why-are-they-being-discussed-lately/" rel="noopener noreferrer nofollow">CBDCs</a> are digital versions of national currencies, issued as direct liabilities of central banks. Wholesale CBDCs could be used by commercial banks and other financial institutions for interbank payments, securities transactions, and cross-border transfers.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2023/12/crypto-vs-cbdcs-challenging-the-bis-perspective-on-the-future-of-money/" rel="noopener noreferrer nofollow">Crypto vs CBDCs: Challenging the BIS Perspective on the Future of Money</a>
Meanwhile, in a bid to to promote digital currency adoption in the Philippines, Tether, the world’s largest stablecoin issuer, <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/tether-and-uquid-partner-to-enable-usdt-payments-for-social-security-contributions-in-the-philippines/" rel="noopener noreferrer nofollow">has introduced a new payment option</a> that allows Filipinos to pay their Social Security System (SSS) contributions using USDT. Tran Hung, CEO of Uquid, described the partnership with Tether as a significant step towards integrating digital currencies into everyday transactions, setting a new standard for convenience and accessibility in digital shopping in the country.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/07/philippines-central-banks-wholesale-cbdc-project-on-track-for-2029-launch/" rel="noopener noreferrer nofollow">Philippines Central Bank’s Wholesale CBDC Project on Track for 2029 Launch</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Philippines Central Bank’s Wholesale CBDC Project on Track for 2029 Launch

DeFi Planet

المزيد من المقالات نُشرت في ٢٥ يوليو ٢٠٢٤

DTX Exchange Presale on Fire as Franklin Templeton Solana ETF Hopes Rise

Jupiter (JUP) Launches New API For Faster & Secure Token Data Access

India Takes Significant Step to Clarify Cryptocurrency Policy Stance

Ethereum ETFs Launch with a Bang: BlackRock and Grayscale Move Millions in ETH

Galaxy Asset Management Raises $113 Million for New Crypto Venture

Mt. Gox Users Report Surge in Unauthorized Login Attempts

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.