The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is progressing well with its study and testing of a central bank digital currency (CBDC), aiming for a 2029 launch, said BSP Deputy Governor Mamerto E. Tangonan. Currently concluding its proof of concept, the BSP is exploring wholesale CBDCs, with no other central banks except the Swiss National Bank having launched similar currencies. The BSP’s pilot project, Project Agila, utilises Hyperledger Fabric for its distributed ledger technology, focusing on use cases like liquidity management and cross-border payments. Further tests are scheduled to ensure CBDC’s functionality and security before its potential implementation. BSP also remains open to exploring retail CBDCs but sees no immediate need. The central bank plans to publish a comprehensive report on its findings by the year’s end.