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Philippine Central Bank plans CBDC pilot by the end of the year
Find out the latest developments regarding the Philippines' central bank digital currency (CBDC). The central bank plans to pilot the CBDC later this year and wants to see whether the technology lives up to its claims. Discover how this CBDC has the potential to democratize securities trading and promote financial inclusion. Read the article to find out more.
Philippine Central Bank plans CBDC pilot by the end of the year
The Central Bank of the Philippines (BSP) has announced that it will complete a pilot for a central bank-backed digital currency (CBDC) by the end of the year. This emerges from a local press report. BSP Deputy Governor for Payments and Currency Management Mamerto Tangonan told a press conference: “Our timeline for CBDC… is to complete the pilot this year, towards the end of this year.” The pilot test is intended to serve as a “learning exercise” to check whether this technology delivers what it promises. Six domestic financial institutions, including BDO Unibank Inc., China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corporation, Union Bank of the Philippines and Maya Philippines Inc., are involved in the pilot. The CBDC is used to transfer funds between institutions. The BSP is also examining whether the CBDC can be used for other services such as the settlement of securities transactions. Tangonan highlighted the vision of a more democratized access to securities, where retail investors can also purchase these securities.
- Im Februar berichtete der Gouverneur der BSP, Eli Remolona, in einem Interview über das philippinische CBDC-Projekt. Demnach wird die CBDC nicht auf einer Blockchain, sondern auf einem privaten Zahlungssystem der Bank basieren.
- Die CBDC wird als Wholesale-CBDC (wCBDC) konzipiert sein und nur über Banken für Großhandelstransaktionen erhältlich sein.
- Die philippinische Nationale Telekommunikationskommission (NTC) hat kürzlich begonnen, nicht lizenzierte Kryptowährungsplattformen im Land zu sperren, basierend auf einer Anordnung der Wertpapier- und Börsenkommission (SEC).
- Die BSP plant, tokenisierte Treasury-Anleihen im Wert von mindestens 10 Milliarden Pesos (ca. 180 Millionen US-Dollar) auf einem Blockchain-System auszugeben.
Tabular overview of the Philippine CBDC pilot:
| Financial institutions involved | BDO Unibank Inc. |
| | China Banking Corp. |
| | Land Bank of the Philippines |
| | Rizal Commercial Banking Corporation |
| | Union Bank of the Philippines |
| | Maya Philippines Inc. |
This development shows that the Philippines, similar to other countries, is cautious about cryptocurrencies. However, the technological advantages of cryptocurrencies are also convincing authorities and legislators. Last year, the National Treasury announced plans to issue at least 10 billion pesos (approximately $180 million) in the form of one-year tokenized Treasury bonds on a blockchain.