Philippines Central Bank Approves Coins.ph Pilot Stablecoin in Major Remittance Markets
2024-05-14 06:47:26
The Central Bank of the Philippines has approved digital currency exchanges Coins.ph pilot a stablecoin PHPC backed by the Philippine peso. The announcement said the program will be subject to the Bank of the Philippines regulatory sandbox framework and will be supported by cash and cash equivalents held in Coins.ph 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".
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