BSP completes Project Agila testing for CBDC
The Bangko Sentral ng Pilipinas (BSP) has completed the testing phase for Project Agila, a proof-of-concept pilot for its wholesale Central Bank Digital Currency (CBDC).
Project Agila aims to enhance liquidity management and reduce settlement risks by allowing financial institutions to transfer funds during off-hours.
During the evaluation phase, participating financial institutions assessed various aspects including functionality, performance, security, and programmability using open-source distributed ledger technology on Oracle Cloud Infrastructure.
BSP Governor Eli M. Remolona Jr. stated that insights from this project will guide the central bank's CBDC roadmap, with plans to launch Project Agila by 2029.
The use of CBDCs was first proposed by former BSP Governor Benjamin Diokno in 2021, and other central banks like the People's Bank of China have also been experimenting with similar systems.
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