Bangko Sentral experiments with digital currency

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.