Philippines central bank announces wholesale CBDC pilot

“Project CBDCPh” will test large transactions at limited number of institutions

The Central Bank of the Philippines

The Philippines central bank will pursue a pilot wholesale central bank digital currency (CBDC), it announced on April 26.

The Central Bank of the Philippines (BSP) said the CBDC aimed to “promote stability” of the country’s payment system. A limited number of financial institutions will trial large-value transfers that can be settled continuously, at any time, on any day.

Speaking at the IMF-World Bank spring meetings earlier this month, BSP governor Benjamin Diokno identified three key areas

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