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.
The fintech firm highlights the vast benefits Filipino users can reap by using blockchain technology, including promoting financial inclusion, ease in buying goods, and swift transaction times.
Binance was booted out of the Philippines and shortly after claimed to be in talks to acquire a licensed VASP—Infrawatch says this can’t be allowed to happen.
A Binance executive has confirmed the exchange is in talks to acquire a licensed company after losing out on approval from BSP, which is now not issuing new licenses.
The Philippines' banking industry will be piloting a 12-month regulatory framework that aims to deliver innovative financial services to consumers while at the same time expanding financial inclusion.
President Ferdinand "Bongbong" Marcos Jr. believes the Philippines must leverage digital innovations to stay competitive globally, mentioning blockchain as a key technology.
GoTyme and UnionDigital Bank recently got the green light from the Bangko Sentral ng Pilipinas (BSP) and have now started operations, taking the number of digital banks in the country to six.
A recent hearing by the Committee on Banks and Financial Institutions put the central bank and the securities regulator to task on how they’ve handled digital assets and protected investors.
The Philippine central bank is not closing its doors to developments in digital currency exchanges but remains cautious about the potential risks of using foreign VASPs and investing in digital assets.
There’s no light at the end of the tunnel just yet in the world of digital currency as troubles continue for firms caught up in the recent volatility of the market.
The Bangko Sentral ng Pilipinas is exploring several key technologies to help it develop a new financial market infrastructure, including distributed ledger technology.