The Philippines will launch pilot wholesale central bank digital currency project By Cointelegraph

The Philippines will pursue a wholesale central bank digital currency pilot project, to be called Project CBDCPh, Bangko Sentral ng Pilipinas governor Benjamin E. Diokno announced Wednesday. Diokno spoke about the project last week at a roundtable of the 14th Annual Group of 24/Alliance for Financial Inclusion Policymakers held at the International Monetary Fund–World Bank spring meetings in Washington, DC.

The project will be led by an intersectoral domestic team, Diokno said, as well as “external advisers from international standard-setting bodies and multilateral institutions to build on training and knowledge sharing on CBDC development and implementation all over the world.” Diokno called the project “critical in constructing the BSP’s medium- to long-term roadmap for more advanced wholesale CBDC projects that will further strengthen the Philippine payment system.”