The Bangko Sentral ng Pilipinas (BSP) on Wednesday said it decided to push through with the pilot project of a wholesale central bank digital currency (CBDC), as it seeks to boost the stability of the country’s payment system.
In an emailed statement, the central bank said the project is dubbed as CBDCPh, which will look into the use of digital currencies for large transactions on a 24/7 basis.
The test will cover a limited number of financial institutions, which Governor Benjamin Diokno said would better understand the opportunities and risks of wholesale CBDCs.
“Learnings from the pilot will be critical in constructing the BSP’s medium- to long-term roadmap for more advanced wholesale CBDC projects that shall further strengthen the Philippine payment system,” he was quoted as saying in an emailed statement.
The announcement was made by Diokno during the Annual Group of 24 / Alliance for Financial Inclusion Policymakers’ Roundtable discussion at the meeting at the International Monetary Fund-World Bank Spring Meetings.