Today Bangko Sentral ng Pilipinas (BSP) said it completed Proof of Concept trials for its Project Agila wholesale central bank digital currency (wCBDC) along with participating financial institutions. Specifically, the latest trial tested whether banks in the Philippines can pay each other outside of bank operating hours during evenings, weekends and holidays.
“Wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability,” said BSP Governor Eli M. Remolona, Jr.
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