BSP-issued digital currencies likely by 2029

The Bangko Sentral ng Pilipinas is on track to issue its wholesale central bank digital currency (CBDC) by 2029, or within the six-year term of BSP Governor Eli Remolona Jr.

- KEISHA TA-ASAN

In a press briefing, BSP Deputy Governor Mamerto Tangonan said that Project Agila, the wholesale CBDC project of the central bank, is nearing the end of its proof-ofconcept phase.

"The governor is very early in his term and we're already about to conclude proof of concept. This is an innovative payment instrument.

In fact there's no central bank in the world that has already launched wholesale CBDC, with the exception of the Swiss National Bank," he said.

Project Agila is a two-phase run that started in December 2022. It aims to better understand CBDC technology and assess the capability of wholesale CBDC to foster advancements in the large-value payment system.