The Philippines Enters the CBDC Extravaganza from a More Practical Angle

The Central Bank of the Philippines (BSP) intends to use the Hyperledger Fabric blockchain platform to test its wholesale digital currency, Agila. Previously, Hyperledger's Iroha platform, which is the basis for Cambodia's Bakong digital wallet, claimed to be part of the Agila pilot project. Iroha is a developer-friendly blockchain platform written in C++, aimed at helping businesses and financial institutions manage digital assets.

However, the Philippines was not ready to launch a retail CBDC, as the country already has a robust digital payment system. As a result, it has decided to use the Hyperledger Fabric blockchain. Local BDO Unibank, China Banking and Land Bank of the Philippines will participate in the Agila project.