Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bangko Sentral ng Pilipinas (BSP) is initiating a pilot program for a stablecoin that is backed by the Philippine peso. This initiative aims to evaluate the asset’s functionality and its application in payments, commerce, and decentralized finance (DeFi) applications.
Bangko Sentral ng Pilipinas (BSP), in partnership with Coins.ph, a local cryptocurrency exchange, has revealed the commencement of a pilot project for the PHPC national stablecoin, which is pegged to the Philippine peso.
The asset will undergo testing, with all stablecoin transactions taking place within the BSP’s regulatory sandbox that was established in 2022. In this project, Coins.ph will serve as the issuer of the asset and will hold reserves that correspond to the amount of PHPC in circulation during the testing phase.
Related Posts
The purpose of the stablecoin testing is to evaluate its practical performance and its influence on the nation’s financial landscape. As part of the initiative, the utilization of PHPC will be examined in:
- cross-border and domestic transactions;
- trading alongside other digital currencies;
- hedging against market fluctuations;
- enhancing liquidity in DeFi applications.
The outcomes of the testing will inform the asset’s future and whether it can be officially launched beyond the testing phase. The BSP will make a decision regarding the release of PHPC based on the results of the tests, which may span from three to twelve months.
The BSP has also commenced testing a wholesale central bank digital currency (wCBDC), with the pilot originally planned for launch in 2022.
Сообщение Philippines Test National Stablecoin появились сначала на CoinsPaid Media.
