The Bangko Sentral ng Pilipinas approved the pilot version of the Philippine Peso-backed stablecoin PHPC. kawbet online casino
It follows the BSP’s Regulatory Sandbox Framework, designed for developing and testing new financial technologies in a controlled environment.
READ: PH partners with UN to boost disaster response
Article continues after this advertisementThe official website says the cryptocurrency directly pegs with the Philippine Peso, ensuring coin holders can redeem them for paper money.
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— Coins.ph (@coinsph) May 9, 2024Wei Zhou, Coins.ph CEO, explained the features of the PHPC stablecoin in a Business Inquirer article:
“PHPC will empower Filipinos to transact seamlessly and securely in the digital economy while also providing a stable store of value as they participate in the rapidly evolving digital asset landscape,” says Wei Zhou, Coins.ph CEO.
Article continues after this advertisementHe notes among the main customer bases are Overseas Filipino Workers. The stablecoin will allow them to send money home to their loved ones while saving on processing times and fees.
Article continues after this advertisement“While PHPC presents a variety of potential applications and trading payments, we anticipate remittances to be a foremost use case for Filipinos as PHPC will not only reduce costs. It also means that now, peso transactions can happen 24/7 and in real-time,” the executive added.
Article continues after this advertisementCoins.ph hopes to secure 20,000 to 30,000 customers within the PHPC stablecoin’s first month.
What is a stablecoin?
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Coins.ph is the Philippines’ local cryptocurrency exchange. That is why some may assume the PHPC stablecoin works like Bitcoin or Ethereum.
Article continues after this advertisementAs the name suggests, stablecoins tie their value to other assets, making them less volatile than erratic crypto assets.
As a result, they can hedge against market volatility, making them more popular during economic uncertainty.
That is also why Coins.ph designed PHPC for “trading with other assets and providing collateral and liquidity in DeFi applications.”
“DeFi” stands for “decentralized finance,” which pertains to financial products and services operating on blockchain networks. You may classify stablecoins into the following categories listed in an Inquirer USA article:
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This article does not provide financial advice. Please speak with a reputable financial adviser to explore your investment options.kawbet online casino
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