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.