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Philippines Central Bank Approves Trials for National Stablecoin Tied

Ruholamin Haqshanas Last updated: May 13, 2024 05:51 EDT | 2 min read The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), has given the green light for controlled trials of a national stablecoin that will be pegged 1:1 to the local peso. The move comes as the BSP, in collaboration with crypto wallet provider Coins.ph, aims to explore the potential of a digital currency tied to the country’s fiat currency, according to a recent announcement. The pilot project for the Philippine peso-backed stablecoin, known as PHPC, has been approved under the BSP’s Regulatory Sandbox Framework. Coins.ph, a well-known player in the Philippines’ crypto space, will be responsible for maintaining cash reserves in pesos equivalent to the circulating supply of the PHPC stablecoin within the sandbox environment. The primary objective of pegging the stablecoin to the local currency is to facilitate a seamless transition between PHPC and physical fiat currencies. Upcoming Sandbox Testing to Serve as Real-World Trial. The upcoming sandbox testing phase will serve as a real-world trial of the PHPC stablecoin and its impact on the local fiat ecosystem. PHPC is anticipated to have various potential applications, including domestic and cross-border payments, trading with other virtual assets, hedging against market volatility, and providing collateral and liquidity in decentralized finance (DeFi) applications. The results of the trials will play a crucial role in determining the stablecoin’s readiness for broader adoption. However, it is important to note that a formal public deployment of PHPC will be subject to final evaluations and approvals by the central bank. According to local regulations, the duration of the testing phase can range from three to 12 months, depending on the complexity of the project. Although an official deadline for the stablecoin experiment has not been disclosed, the BSP is committed to ensuring a thorough evaluation process. The initiative is not the first of its kind in the Philippines. UnionBank, a local commercial bank, introduced a payments-focused stablecoin called PHX in July 2019. The launch of PHX was part of UnionBank’s efforts to promote financial inclusion and support the BSP’s digital financial inclusion agenda. PHX, like PHPC,... https://cryptonews.com/news/philippin... #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #philippines #philippinesnews #philippinesnewstoday #stablecoin #stablecoinnews #crypto ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple