G.M.. Happy $100k! We started BitPinas sometime in 2017, when Bitcoin was about to hit $20,000 for the first time.
I still remember very much that, in 2018, an executive at a blockchain conference in Manila said that cryptocurrencies are the least interesting thing about blockchain, and that in 5 years no one will be talking about Bitcoin.
Well, here we are 6 years later!
Anyway, welcome back to BitPinas Key Points – cryptocurrency news in concise formats for easy reading. In today’s daily digest: Learn about the BSP’s CBDC project!
Plus the latest cryptocurrency news from the last 24 hours.
Market analysis and updates 📈
Here are the most notable cryptocurrencies of the day:
Cryptocurrency price update
- Bitcoin (BTC): $102,504, an increase of 6.3% in the last 24 hours.
- Ethereum (ETH): $3,845.29, an increase of 4.6% in the last 24 hours.
- Solana (SUN): $234.89, 1.1% less than the previous day.
Trending Coins Update
- Lend: $9.83, 10.7% more than the previous day.
- sui: $3.75, an increase of 1.4% in the last 24 hours.
- hyperliquid: $12.30, 1.1% less than the previous day.
For daily price updates, check out our post on Facebook.
BSP concludes testing for CBDC Project Agila
The Bangko Sentral ng Pilipinas (BSP) has completed testing for Agile Projecta wholesale central bank digital currency (CBDC) proof-of-concept initiative aimed at enabling financial institutions (FIs) to make fund transfers outside of normal banking hours, including evenings, weekends and holidays.
What is the meaning: Leveraging distributed ledger (read: blockchain) technology through Oracle Cloud Infrastructure, BSP said Agile Project could transform the country’s high-value payments systems by improving liquidity management, reducing settlement risks and strengthening financial stability.
More details:
- The tests covered functional, performance, security, exploratory, end-to-end and programmability aspects of the system.
- The initiative uses wholesale CBDCs, which are digital currencies issued by the central bank and designed to be used by commercial banks and financial institutions for interbank payments and securities transactions.
- (Read more: List of Top 10 Philippine Banks in BSP CBDC Project)
Key quotes:
“Insights from this project will guide the BSP’s CBDC roadmap. “Our goal is to leverage new technologies to further improve the efficiency and resilience of the national payments system.”
Eli M. Remolona, Jr., Governor, BSP
Remove: The Philippines is just one of the countries already experimenting with its CBDC initiatives.
- China’s digital yuan (e-CNY) is leading global efforts, with transaction volumes set to reach $986 billion by June 2024.
- 66 nations have made progress in developing CBDCs.
- 44 countries, including Australia and Singapore, are running pilot programs.
- The Bahamas, Jamaica and Nigeria have already launched CBDCs.
- BRICS countries are testing CBDCs as part of an alternative payment system to the dollar.
- More on this in our article: Report: The number of countries now exploring CBDCs
Philippines Crypto News 🇵🇭
- CoinEx Charityin the framework of its seventh anniversary, sleepless the Wall of Dreams at San Antonio National High School in the Philippines.
- YGG announced that Guild Quests are now available with 130,000 $YGG prize bag.
- PCI PH Center held the iThink Code Camp and STI Balagtas.
Worthy of mention 🌟
Key updates and announcements from around the world of cryptocurrencies and blockchain:
- South Korea cryptocurrency trading arose to $34 billion after a brief declaration of emergency martial law by President Yoon, which was quickly revoked.
- The US government excited $33.6 million in cryptocurrency seized from FTX to two unidentified addresses, including 5,024 ether and 13.5 million BUSD.
- Ark of the New York Stock Exchange has filed to include Grayscale’s Solana ETF, joining other firms vying for approval, in hopes of a possible green light from the SEC in 2024.
Educational Corner 🎓
- Wen Philippines? See the list of companies and funds with Bitcoin holdings.
Regulation monitoring 📜
Stay informed on the latest regulatory updates and what they mean for you:
- Former Celsius CEO Alex Mashinsky begged guilty of commodity fraud and price manipulation of the company’s token, and faces up to 20 years in prison.
- Paul Atkins The chances of becoming the next chairman of the US SEC have diminished. resurrected at 90% on the Kalshi prediction market, following reports that Trump reached out to him.
- Roger Seefiled a motion to dismiss tax evasion charges against him, alleging that the US government’s case is based on unclear regulations and selective use of evidence.
Meet Jay Ricky Villarante (LinkedIn): He is one of the leaders of local blockchain companies in the country.
- He is currently Chairman and CEO of 8Ventures Pte. Limited. Ltd. and Moneybees Forex Corporation.
- He is also an initial investor in Secuna Softwares Technologies, Inc.
- Villarante received Block Awards 2023 for his pioneering contributions to the blockchain industry.
- He is the author of the book “Blockchain: A Catalyst for Good Governance in the Philippines,” in which he discusses the role of blockchain in governance.
- Villarante also appeared on the BitPinas webcast for episode 25.
More news about Web3 and AI 💡
Discover the latest in web3 and AI innovation.
- Cash App term Fee-free Bitcoin $Cashtag transfers to focus on more valuable services for Bitcoin users.
- GAIBa crypto-AI startup focused on tokenizing GPUs for AI computing, raised $5 million in seed funding and plans an alpha launch soon.
- DeAgentAI and OKX Portfolio associated to launch a $50,000 DA token airdrop starting December 3 for two weeks.
The future of web3 is games and here you have the latest news.
- Valeria: the land before the war launched on mobile devices with a $2.5 million airdrop campaign.
- Spinning games launched Hatchlings, a web3 dragon care simulator where players hatch and raise dragons.
- deluge associated with G-Shock to release a limited collection of NFT cards for its Illuvium Beyond game and players will get exclusive rewards like a physical watch.
Event announcements 📅
Don’t miss it: Upcoming events, webinars and meetups in the crypto space in the Philippines!
Stay connected:
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This article is published on BitPinas: BSP completes Agila CBDC project | Key points | December 5, 2024
