A pilot test by the Bangko Sentral ng Pilipinas (BSP) for a wholesale central bank digital currency (CBDC) has demonstrated that digital tokens can facilitate the settlement of large-value interbank payments outside normal business hours, according to a report by Philstar Biz.
The central bank noted that the pilot successfully showed the potential of wholesale CBDCs to improve payment system efficiency, but emphasized that several issues must be resolved before any full-scale rollout. These include legal and regulatory frameworks, cybersecurity measures, and the system's ability to handle large transaction volumes.
The BSP has not announced a timeline for a wider implementation, indicating that further study and testing are needed to address the identified challenges. The pilot marks a step forward in the Philippines' exploration of digital currencies for wholesale applications.