Bangko Sentral ng Pilipinas said it will not be exploring the retail version of its central bank digital currency but will focus its efforts on transactions between financial institutions.
The Philippines has joined countries exploring central bank digital currencies via a partnership with the International Monetary Fund, believing that a state-backed currency is a key to solving cross-border friction.
The Electronic Payment and Financial Services license will give Coins.ph the status of an order book exchange, showing buy and sell prices in real-time.
DA5 is one of the leading authorized direct agents of Western Union in the Philippines, with established 1,800 location footprints across the country.
The central bank’s memo was directed to VASPs involved in the custody of digital assets "to ensure that customers' virtual assets are not being used for any business activities other than for safe keeping."
Ida Tiongson believes that the Philippines is already showing an appetite for blockchain, digital assets, and decentralizing finance and says it’s set to become a global hub.
Novi is no longer a registered Virtual Asset Service Provider in the Philippines following BSP's decision to remove it from the list of digital wallets after its unfateful closure on September 1.
BSP Governor Felipe Medalla also cast aspersions on using the asset in payments over its extreme volatility and environmental impact.
Benjamin Diokno, who previously headed the central bank, believes that payment systems in the Philippines such as PesoNet are working just fine as it is.
While Lodi Coins claimed to be issuing utility tokens, the SEC maintains that investors expected profits from the actions of the company, making it a security.
The Bangko Sentral ng Pilipinas says it is high time to use stablecoins in transactions, noting that it will be a stepping stone in revolutionizing payments while raising the country's GDP.