BSP Completes CBDC Project Agila | Key Points | Dec. 05, 2024
GM. Happy $100K! We started BitPinas sometime in 2017 back when Bitcoin was just about to reach $20,000 for the first time.
I still very much remember, in 2018, one exec in a Manila blockchain conference said crypto is the least interesting thing about blockchain, and that in 5 years no one will be talking about Bitcoin.
Well, here we are 6 years later!
Anyways, welcome back to BitPinas Key Points: crypto news in concise formats for easy reading. In today’s daily recap: Learn about the BSP’s CBDC project!
Plus the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $102,504, up 6.3% over the last 24 hours.
- Ethereum (ETH): $3,845.29, up 4.6% over the last 24 hours.
- Solana (SOL): $234.89, down 1.1% vs the previous day.
Trending Coins Update
- Render: $9.83, up 10.7% vs the previous day.
- Sui: $3.75, up 1.4% over the last 24 hours.
- Hyperliquid: $12.30, down 1.1% vs the previous day.
For the daily price update, check out our post on Facebook.
BSP wraps up testing for CBDC Project Agila
The Bangko Sentral ng Pilipinas (BSP) has completed testing for Project Agila, a proof-of-concept wholesale central bank digital currency (CBDC) initiative aimed at enabling financial institutions (FIs) to conduct fund transfers outside of regular banking hours — including nights, weekends, and holidays.
What’s the significance: Leveraging distributed ledger technology (read: blockchain) via Oracle Cloud Infrastructure, BSP said Project Agila could transform the country’s large-value payment systems by improving liquidity management, reducing settlement risks, and bolstering financial stability.
More details:
- Testing covered functional, performance, security, exploratory, end-to-end, and programmability aspects of the system.
- The initiative uses wholesale CBDCs, which are digital currencies issued by the central bank and designed for use by commercial banks and financial institutions for interbank payments and securities transactions.
- (Read more: List of 10 Major Philippine Banks in BSP CBDC Project)
Key quotes:
“Insights from this project will guide the BSP’s CBDC roadmap. Our goal is to leverage new technologies to further enhance the efficiency and resilience of the national payment system”
Eli M. Remolona, Jr., Governor, BSP
Zooming out: The Philippines is just one of the countries that are already experimenting on its CBDC initiatives.
- China’s digital yuan (e-CNY) leads global efforts, with transaction volumes reaching $986 billion by June 2024.
- 66 nations have progressed in CBDC development.
- 44 countries, including Australia and Singapore, are running pilot programs.
- The Bahamas, Jamaica, and Nigeria have already launched CBDCs.
- BRICS nations are testing CBDCs as part of an alternative payment system to the dollar.
- More about this in our article: Report: The Number of Countries Now Exploring CBDCs
Philippine Crypto News 🇵🇭
- CoinEx Charity, as part of its 7th anniversary, unveiled the Wall of Dreams at San Antonio National High School in the Philippines.
- YGG announced that the Guild Quests are now live with a 130,000 $YGG prize pool.
- ICP Hub PH held an iThink Code Camp at STI Balagtas.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- South Korea’s crypto trading surged to $34 billion after a brief emergency martial law declaration by President Yoon, which was quickly revoked.
- The U.S. government moved $33.6 million in seized crypto from FTX to two unidentified addresses, including 5,024 ether and 13.5 million BUSD.
- NYSE Arca has filed to list Grayscale’s spot Solana ETF, joining other firms vying for approval, with hopes rising for a potential SEC green light in 2024.
Educational Corner 🎓
- Wen Philippines? Check out the list of companies and funds with Bitcoin holdings.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Former Celsius CEO Alex Mashinsky pleaded guilty to commodities fraud and manipulating the price of the firm’s token, facing up to 20 years in prison.
- Paul Atkins’ chances of becoming the next US SEC chair have risen to 90% on the Kalshi prediction market, following reports that Trump reached out to him.
- Roger Verfiled a motion to dismiss the tax evasion charges against him, claiming the US government’s case is based on unclear regulations and selective use of evidence.
Community Spotlight 🔦
Meet Jay Ricky Villarante (LinkedIn): He is one of the leaders of local blockchain companies in the country.
- He is currently the chairman and CEO of 8Ventures Pte. Ltd., and Moneybees Forex Corporation.
- He is also a seed investor for Secuna Softwares Technologies, Inc.
- Villarante received Block Awards 2023 for pioneering contributions to the blockchain industry.
- He authored the book “Blockchain: A Catalyst for Good Governance in the Philippines,” discussing blockchain’s role in governance.
- Villarante also appeared in the BitPinas webcast for episode 25.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Cash App ended zero-fee Bitcoin $Cashtag transfers to focus on more valued services for Bitcoin users.
- GAIB, a crypto-AI startup focused on tokenizing GPUs for AI computing, raised $5 million in pre-seed funding and plans an alpha launch soon.
- DeAgentAI and OKX Wallet partnered to launch a $50,000 DA token airdrop running from December 3rd for two weeks.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Valeria: Land Before the War launched on mobile with a $2.5 million airdrop campaign.
- Revolving Games launched Hatchlings, a web3 dragon care simulator where players hatch and nurture dragons.
- Illuvium partnered with G-Shock to release a limited collection of NFT cards for its Illuvium Beyond game with players earning exclusive rewards like a physical watch.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space in the Philippines!
- IC Hangout Mixer Q42024: December 6, 2024
- (PDAX) Happy HODLidays: A Year-End Meetup: December 7, 2024
- Bicol Blockchain Conference: December 7, 2024
- iThink Code Camp: Bulacan State University: December 10, 2024
- Rivalz ai.hack4PH: December 16, 2024
Stay Connected:
- Follow us on Twitter 🐦
- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
We’d love to hear from you! Reply with your thoughts or questions.
This article is published on BitPinas: BSP Completes CBDC Project Agila | Key Points | Dec. 05, 2024
