The Bangko Sentral ng Pilipinas (BSP) said Agila tested the functionality, performance, security and programmability of the future system. It is capable of providing round-the-clock interbank settlements and replenishment of correspondent accounts in wholesale central bank digital currency (CBDC), including during non-operating hours and non-working days, the Philippine Central Bank assured.
The experiment involved major players in the Philippine credit market, including BDO Unibank, China Banking and Land Bank of the Philippines. Agila participants confirmed that the settlement system is already capable of processing transactions in wholesale CBDCs. The system is supported by Hyperledger Fabric distributed registry technology and Oracle Cloud cloud architecture.
The BSP said that the next stage will be the joint work of Agila project participants on a roadmap for the development of the Philippine CBDC.
Earlier, the Bangko Sentral ng Pilipinas approved the launch of a pilot project for PHPC, a stablecoin pegged to the Philippine peso at a 1:1 ratio. The local crypto exchange Coins.ph is participating in the tests.
Source: Bits
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