The Philippines Central Bank will launch its own Digital Currency by 2029

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BSP will launch its own digital currency by 2029
The Banko Sentral ng Pilipinas (BSP) published article announcement, said its testing phase to Project Agila, a pilot project for Central Bank Digital Currency has completed. The project initiative aim to enhance the efficiency and resilience of national payment system as statement by the BSP Governor Eli M. Remolona. The leveraging of new technologies will help to enhance the capacity of financial firms in the Philippines of doing daily business transactions even holiday or during weekend. These transactions can safely be supported by open-source distributed ledger technology through the Oracle Cloud Infrastructure according to the published article.

“Wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability,” BSP Governor Eli M. Remolona, Jr. said.

The CBDC is a digital form of Philippines money denomination and under the liabilities and control of the central bank. For the large transaction companies, financial institutions and banks this project are helpful to make transactions fastest, reliable and trusted between the ledgers.

In the near future, the digital monetary of the Philippines will be used to it wider purpose not just between the ledger, and will be acceptable by the businesses and communities.

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