Philippines Central Bank Approves Trials for National Stablecoin Tied to Local Peso

The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), has given the green light for controlled trials of a national stablecoin that will be pegged 1:1 to the local peso.

The move comes as the BSP, in collaboration with crypto wallet provider Coins.ph, aims to explore the potential of a digital currency tied to the country’s fiat currency, according to a recent announcement. 

The pilot project for the Philippine peso-backed stablecoin, known as PHPC, has been approved under the BSP’s Regulatory Sandbox Framework.

#ICYMI: #CoinsPH has been granted @bangkosentral (BSP) approval to pilot PHPC, a Philippine Peso stablecoin