In September last year, the central bank said it chose Hyperledger Fabric as the technology backbone for its Project Agila, the pilot wholesale CBDC initiative.
The following highlights the biggest crypto news developments in the Philippines that BitPinas thinks will continue to have an impact on the local industry for years to come.
Mastercard, Reserve Bank of Australia (RBA), and Digital Finance Cooperative Research Centre (DFCRC) have wrapped up a successful CBDC pilot.
As of this writing, 72 countries are exploring retail CBDC systems, and 11 of them have fully launched a retail CBDC.
According to the Atlantic Council data, 131 out of 195 countries around the world have already explored, researched, developed, piloted, or even launched their own CBDC systems as of September 2023.
By involving the banks that hold significant market share, the BSP said it aims to have more substantial findings and results for its pilot CBDC project.
Check out our episode notes, highlights, and summary of the webcast: Impact of CBDC on Crypto in the Philippin
Project Agila involves multiple local financial institutions and receives technical support from international organizations.
Concerns over government control, centralization, and privacy are at the heart of this hesitation.
Discover how digital currencies may transform cross-border payments, making them faster and more efficient, thanks to this study by the Digital Dollar Project, Western Union, Accenture, and Philippine bank BDO.