BSP to conduct pilot CBDC

THE Bangko Sentral ng Pilipinas (BSP) said as part of its efforts to strengthen the stability of the country's payment system, it has decided to conduct a pilot project of a wholesale central bank digital currency (CBDC).

The pilot, dubbed Project CBDCPh, will evaluate the usage of CBDCs for large-value financial transactions on a 24/7 basis among a select group of financial institutions, central bank Governor Benjamin Diokno announced during the recent 14th Annual Group of 24/Alliance for Financial Inclusion Policymakers' Roundtable discussion at the International Monetary Fund-World Bank Spring Meetings.