The Philippines will launch a wholesale central bank digital currency (CBDC) pilot in the fourth quarter of this year, said the Governor of the Bangko Sentral ng Pilipinas (BSP), Benjamin Diokno, talking to local news station ANCNews today. He revealed plans for the project in November last year.
Diokno emphasized that Project CBDCph is experimental and has already signed up several large scale banks but didn’t elaborate on which ones. The central bank is still looking to add more banks. A wholesale CBDC is only for use by banks rather than consumers or businesses and is used to facilitate faster payments and settlement for blockchain networks.
“And at the same time, we consult with our neighbors Singapore plus the BIS, Bank for International Settlements, for their projects on CBDC,” said the Governor.
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