Philippines' CBDC Target Launch Date Set | Weekly News Recap

Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.

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GM. In today’s weekly recap, we will cover: CBDC update from the Bangko Sentral ng Pilipinas. (BSP)

Last week, the team flew to Davao for the Mindanao Traders Expo and the BitPinas Crypto Community Meetup. Some behind the scenes stuff:

We were at the airport at 5am. The flight, scheduled for 10:35am, was delayed to 8pm!
We had a private meeting with some of our contacts in Davao on Day 1.
Day 2 was the Expo and the Meetup.
- We definitely had a great time in the Expo and the meetup was a success. (Articles and clips will be shared on our website and social media platforms.)

Thanks to our platinum sponsors and co-organizers: Whizkid Academy and Coinex Charity. Also to our gold sponsor Coins.ph!

Photo for the Article - Philippines' CBDC Target Launch Date Set | Weekly News Recap

Well then, onwards to today’s weekly news recap!

Market Updates 📈

Here are the crypto highlights of the week:

Bitcoin is up 2.0% vs the previous seven days, now at $69,405.60.
The weekly top gainer in the top 100 coins is JUP ($1.18), up 11.1%.
The weekly top loser in the top 100 is TIA ($5.84), down 21.1%
Noteworthy: BLAST ($0.01493) is down 17.9% vs the past week.

Feature Story: PH CBDC Could Launch By 2029 — BSP

The Bangko Sentral ng Pilipinas (BSP) plans to issue its wholesale central bank digital currency (CBDC) by 2029, during Governor Eli Remolona Jr.’s term.

What’s the significance: This initiative, known as Project Agila, aims to modernize and enhance the efficiency of the Philippines’ large-value payment system.

The broad context: The Philippines joins a global trend towards digital currencies, with only the Swiss National Bank having launched a wholesale CBDC to date.

Timeline:

2022: Project Agila started.
2023: Hyperledger Fabric chosen as the technology.
2029: Target year for CBDC issuance.

Project Agila is in a two-phase run, currently concluding its proof-of-concept phase. The BSP is testing distributed ledger technology and the tokenization of wholesale CBDC, PhilStar reported.

Successful implementation could streamline payment systems, reduce intermediaries, and improve transaction efficiency.
However: Banks and the BSP need to ensure they understand and can manage CBDCs safely before full-scale implementation.

What’s next: BSP will release a report on Project Agila’s findings and assessments by the end of the year.

Weekly Recap: Local Crypto News 🇵🇭

BitPinas article: Public consultation date for Philippine blockchain egovchain is set.
BitPinas article: Date set for Mindanao Blockchain Campus Conference.
GCrypto and PDAX listed PaypalUSD (PYUSD) via the Solana network on its platforms.
Gail Concepcion Cruz-Macapagal, founder of Women in Blockchain PH and leader at DynaQuest Technology Services, has been named one of the Top 20 Women in Blockchain for 2024.

Educational Corner 🎓

Check out our new and updated guides:

Top crypto exchanges in the Philippines based on Google App Rankings.
Crypto vs Digital Banks — which offer better interest rates in the Philippines.

Regulation Watch 📜

Stay informed about the latest regulatory updates from here and around the world and what they mean for you:

Seven US states, led by Iowa, united to challenge the SEC’s cryptocurrency regulation by filing an amicus brief arguing that the SEC’s actions overreach its authority, stifle innovation, and harm the crypto industry, while bypassing Congress and undermining state efforts to protect consumers from scams.
Coinbase CLO Paul Grewal called for statute-based crypto regulations to counter the SEC’s aggressive enforcement, arguing that legislative rulemaking is needed for clear industry guidelines rather than relying solely on enforcement.
The US SEC has ruled that Ethereum (ETH) is a commodity, not a security.
Coinbase files motion to compel the SEC and Chair Gensler to hand over documents related to its case.
White House and Coinbase make big crypto hires.
Kamala Harris memecoin sets new high as her nomination odds surge to 90%.

At the Scene 📍

On the ground activations and more:

BitPinas Davao Community Meetup:

Mindanao Traders Expo:

Philippine Game Dev Expo

Coinex Community Meetup in Negros:

Museigen’s BitBulaga at GCash Office:

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Visa-linked Allium announced a $16.5 million raise, Chainbase secured $15 million in a Series A.
Kraken Custody expanded its institutional services to the UK and Australia, marking its first international move since its US launch in March.
Tokenization platform Etherfuse raised a $3 million seed round, bringing its total funding to $5 million and valuing the company at $12.5 million
Web3 AI firm Network3 raises $5 million in funding.
DeFi exchange in talks to sell derivatives trading platform.
Bitcoin Layer 2 Bitlayer reaches $300 million valuation with new funding from Franklin Templeton and others.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Planetarium Labs and Immutable are collaborating on Immortal Rising 2, enhancing the original with better combat, an isometric view, and improved tokenomics.
Jungle, a web3 gaming startup, announced that its upcoming mobile first-person shooter game, For The Win, will launch on the Solana blockchain.
Telegram is launching a mini app store and an in-app browser supporting web3 pages to enhance its blockchain initiatives.
Binance Labs invests in Telegram game Catizen’s publisher Pluto Studio.
NPC Labs raises $18M to scale gaming on Base Network.
Could Fortnite use blockchain? ‘Perhaps someday,’ says Epic CEO

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Chainalysis unveiled Operation Spincaster, an international effort in partnership with law enforcement from six countries to combat $2.7 billion in crypto fraud.
Fractal ID experienced a data breach affecting about 6,300 customers due to a compromised employee’s account, which was hacked using the Raccoon Infostealer malware from 2022.
JPMorgan analystsbelieve any near-term crypto rebound is likely to be temporary rather than a lasting trend, and suggest that bitcoin and gold could benefit from a potential second Trump presidency.
These are all the Ethereum NFTs now trading in the US.
Kamala Harris has a lot of questions about crypto, says Mark Cuban.
Crypto markets dip ahead of Ethereum ETF launch.