The Bangko Sentral ng Pilipinas (BSP) will launch a wholesale central bank digital currency (CBDC) pilot project named CBDCPh as part of its efforts to increase the country’s payment system’s reliability. At an annual policymakers ‘ roundtable, BSP governor Benjamin Dionko said that the central bank’s pilot will examine the possibility of deploying CBDCs for large-scale financial transactions “on a 24/7 basis across a restricted number of financial institutions.” He also added, “Learnings from the pilot will be critical in constructing the BSP’s medium- to long-term roadmap for more advanced wholesale CBDC projects that shall further strengthen the Philippine payment system,” The Philippines' central bank @BangkoSentral is launching a wholesale central bank digital currency pilot project, coined CBDCPh, as part of its efforts to promote the stability of the country’s payment system https://t.co/97N2m5V2th — Forkast News (@Forkast_News) April 28, 2022 According to the BSP, By the end of 2020, digital payment methods will account for around 20.1 percent of monthly retail transactions in the Philippines, up from 10% in 2018. Because of the advancement and use of existing digital payment systems, the central bank warned of “little perceived additional value” of retail CBDCs in the Philippines. Wholesale CBDCs, unlike retail CBDCs, are only available through banks and other financial organisations. Cross-border money transfers, equ...
