BSP completes testing for Project Agila

PTVPhilippines

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Transcript

00:00The Banco Central ng Pilipinas or BSP and Financial Institutions or FIs have completed testing Project Aguila

00:07which enables secure fund transfers between FIs during off-business hours using open-source distributed ledger technology via Oracle Cloud Infrastructure.

00:17Project Aguila tests the BSP Central Bank Digital Currency or CBDCs for large-scale transactions.

00:24This testing covers functionality, security, and performance.

00:28BSP Governor Elio Romolano Jr. noted wholesale CBDCs could improve liquidity, reduce risks, and support financial stability.

00:37This project will guide the BSP's future CBDC plans aiming to enhance the national payment system's efficiency and reliability.

00:45CBDC's digital money issued by the Central Bank can be used for inter-bank and cross-border payments.

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