Philippines central bank approves Coins.ph to pilot stablecoin in key remittance market
The Philippine Central Bank has approved the digital currency exchange Coins.ph to pilot a stablecoin called PHPC backed by the Philippine peso. The announcement states that the plan will be subject to the regulatory sandbox framework of the Philippine Central Bank and will be supported by cash and cash equivalents held in Coins.ph's Philippine bank accounts. The pilot project will evaluate the benefits of stablecoins in "real-world applications while monitoring their impact on the existing financial ecosystem."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana price targets $400 after monthly cup-and-handle breakout — Analyst
BONK’s Price Surge Turns Airdrop Tokens into Million-Dollar Gains for Solana Developers
XRP’s Hidden Potential: Why the Coin Could See Major Growth Ahead
This Altcoin is the Best Buy During Bitcoin’s Correction, Says Top Analyst