{"id":5841,"date":"2024-12-08T06:00:45","date_gmt":"2024-12-08T05:00:45","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=5841"},"modified":"2024-12-08T06:00:45","modified_gmt":"2024-12-08T05:00:45","slug":"bsp-completes-testing-phase-for-its-innovative-digital-currency","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2024\/12\/08\/bsp-completes-testing-phase-for-its-innovative-digital-currency\/","title":{"rendered":"BSP Completes Testing Phase for Its Innovative Digital Currency"},"content":{"rendered":"\n<p class=\"p2\"><span class=\"s1\">THE BANGKO SENTRAL ng <\/span><span class=\"s2\">Pil<\/span><span class=\"s3\">ipinas (BSP) has finalized <\/span><span class=\"s4\">the evaluation stage for Project Agila, <\/span>its experimental initiative for a central bank digital currency (CBDC).<\/p>\n<p class=\"p3\">In an announcement on Thursday, the BSP indicated it has wrapped up the evaluation for Project Aguila, alongside other involved financial entities.<\/p>\n<p class=\"p3\">\u201cWholesale CBDCs are anticipated to improve liquidity management, diminish settlement risks, and bolster financial stability,\u201d BSP Governor Eli M. Remolona, Jr. remarked.<\/p>\n<p class=\"p3\"><span class=\"s4\">\u201cFindings from this initiative will steer the BSP\u2019s CBDC framework. Our objective is to utilize emerging technologies to further boost the e<\/span><span class=\"s3\">ff<\/span><span class=\"s4\">iciency and durability of the national payment system,\u201d he continued. <\/span><\/p>\n<p class=\"p3\"><span class=\"s5\">The initiative aims to \u201cenable fi<\/span>nancial institutions to move funds to one another even outside regular operating hours, encompassing evenings, weekends, and holidays.\u201d<\/p>\n<p class=\"p3\">\u201cThese transactions can securely be facilitated by open-source distributed ledger technology via the Oracle Cloud Infrastructure.\u201d<\/p>\n<p class=\"p3\">The BSP previously stated that the initiative is likely to be introduced by 2029, still within the six-year term of Mr. Remolona.<\/p>\n<p class=\"p3\">Since 2021, the central bank has been assessing applications for wholesale CBDCs.<\/p>\n<p class=\"p3\">\u201cProject Agila serves as a proof-of-concept for the BSP\u2019s CBDC at the wholesale level. The assessment with financial entities encompassed functional, performance, security, exploratory, end-to-end, and programmability testing,\u201d the central bank mentioned.<\/p>\n<p class=\"p3\">The initiative also aims to \u201cinvestigate and test the viability of CBDCs, while assessing whether this technology can assist in enhancing the country\u2019s large-value payment system.\u201d<\/p>\n<p class=\"p3\">The BSP previously stated its willingness to explore retail CBDCs but does not perceive an immediate necessity for it.<\/p>\n<p class=\"p3\">CBDCs represent a type of digital currency denominated in the national unit of account and are direct obligations of the central bank.<\/p>\n<p class=\"p3\">Wholesale CBDCs may be issued to commercial banks and other financial entities to facilitate interbank payments, securities transactions, and cross-border payments, among others. \u2014 <b>Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bworldonline.com\/top-stories\/2024\/12\/06\/639716\/bsp-concludes-testing-for-its-own-digital-currency\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE BANGKO SENTRAL ng Pilipinas (BSP) has finalized the evaluation stage for Project Agila, its experimental initiative for a central bank digital currency (CBDC). In an announcement on Thursday, the BSP indicated it has wrapped up the evaluation for Project Aguila, alongside other involved financial entities. \u201cWholesale CBDCs are anticipated to improve liquidity management, diminish<\/p>\n","protected":false},"author":3,"featured_media":5842,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[336],"class_list":{"0":"post-5841","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-and-markets","8":"tag-return-a-list-of-comma-separated-tags-from-this-title-bsp-concludes-testing-for-its-own-digital-currency"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BSP Completes Testing Phase for Its Innovative Digital Currency - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2024\/12\/08\/bsp-completes-testing-phase-for-its-innovative-digital-currency\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BSP Completes Testing Phase for Its Innovative Digital Currency - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"THE BANGKO SENTRAL ng Pilipinas (BSP) has finalized the evaluation stage for Project Agila, its experimental initiative for a central bank digital currency (CBDC). 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