The Governor of the Bangko Sentral ng Pilipinas (BSP), Eli Remolona Jr., told the press that the central bank could launch a wholesale central bank digital currency (wholesale CBDC) by next year or 2026. He expects one during his term in office, which runs until 2029.
In September last year, the central bank announced plans to trial the Hyperledger Fabric blockchain as part of its CBDC pilot, Project Agila. However, in an apparent change of heart, Governor Remolona recently said the solution wouldn’t use blockchain.
Previously, the central bank stated it would only pursue a wholesale CBDC rather than a consumer-focused one. “Other central banks have tried blockchain but it didn’t go well,” the Inquirer quoted him as saying during a conversation with multiple press outlets.
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