Today the Bangko Sentral ng Pilipinas (BSP) announced it will use the Hyperledger Fabric blockchain for its first wholesale central bank digital currency (wholesale CBDC) trials, Project Agila. The central bank said it made the selection for the Philippines CBDC with input from the International Monetary Fund (IMF), the BIS Innovation Hub and other financial institutions.
Most wholesale CBDCs use DLT because banks already have central bank accounts. Blockchain or DLT provides additional programmability functionality. And it enables the CBDC to be used as an on-chain settlement asset for other blockchain assets, such as tokenized securities.
The central bank particularly highlighted the 24/7 availability of a DLT system, enabling interbank transactions outside of the business hours of the conventional payment systems.
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