The rise of digital currencies and innovative public systems will shape the future of governance, social services, and economic development in the Philippines.
The Bangko Sentral ng Pilipinas (BSP) said it has selected Hyperledger Fabric as its distributed ledger technology (DLT) for its Central Bank Digital Currency (CBDC) pilot project: Project Agila, formerly known as Project CBDCPh.
According to financial website Investopedia, central bank digital currencies are digital tokens, similar to cryptocurrency, issued by a central bank. They are pegged to the value of that country's official currency.
Central banks around the world are now looking into central bank digital currency (CBDC) due in part to the digitalization of payments, with some pilot testing their own version of the currency.
