Philippines sees economic gains from Project Agila
The post Philippines sees economic gains from Project Agila appeared on BitcoinEthereumNews.com. Homepage > News > Finance > Philippines sees economic gains from Project Agila The Philippine central bank is a step closer to shaping its central bank digital currency (CBDC) roadmap after findings from Project Agila yielded gains in settlement automation, interbank payment efficiency, and large-value cross-border transactions. Project Agila is a wholesale CBDC (wCBDC) initiative launched by the Bangko Sentral ng Pilipinas (BSP) in September 2023 in an attempt to modernize the Philippines’ financial infrastructure using emerging technologies, specifically distributed ledger technology (DLT) and tokenization. In a recent statement, BSP Governor Eli Remolona, Jr. said the results of Project Agila’s pilot showed potential of improving how money moves within the local financial system by enabling banking institutions to settle financial securities almost instantly and support the development o