Philippines Central Bank Approves Coins.ph for Stablecoin Pilot in Remittance Market

Tuesday, 14 May 2024, 06:29

The Philippines' central bank has authorized Coins.ph to start a pilot of PHPC, a new stablecoin pegged to the Philippine Peso. This move signals a significant step towards digital currency adoption in one of the top remittance markets globally. With this approval, Coins.ph aims to revolutionize cross-border transactions and enhance financial inclusion in the region.

https://store.livarava.com/86aa1e89-11bc-11ef-a6c2-63e1980711b2.jpg — Philippines Central Bank Approves Coins.ph for Stablecoin Pilot in Remittance Market

Introduction

The Philippines' central bank has granted permission to Coins.ph for the trial of a stablecoin named PHPC.

Stablecoin Pilot

Coins.ph has received approval for piloting a Philippine Peso-backed stablecoin called PHPC.

Market Impact

This move highlights the growing acceptance of digital currencies in traditional financial systems.
Coins.ph's initiative is set to revolutionize cross-border remittances by leveraging blockchain technology.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.