The Bangko Sentral ng Pilipinas (BSP) has identified the settlement of financial securities and large-value cross-border payments as potential applications for wholesale central bank digital currency (wCBDC). This was highlighted in the central bank’s “Project Agila” report, which aims to assist the BSP and participating financial institutions in exploring potential central bank digital currency use cases. CBDCs are digital forms of money that constitute direct liabilities of the central bank. A wCBDC is a specific type of digital currency designed for use by commercial banks and other financial institutions. System Mechanics and DLT Integration Using DLT Enables Lower Transaction Costs …