Bangko Sentral experiments with digital currency


Posted at Nov 16 2023 09:47 PM

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The Bangko Sentral ng Pilipinas is experimenting with its own digital currency for wholesale transactions. 

Unlike bitcoin and other cryptocurrencies, the central bank digital currency or CBDC is backed by a country's monetary authority and is less subject to wild swings of crypto. 

BSP Senior Assistant Governor Edna Villa said the Philippine CBDC program, dubbed Project Agila, aims to release a sandbox report by the middle of next year.