According to the leadership of the Central Bank of the Philippines, the use of stablecoins in settlements will make domestic and international payments more accessible and faster.
Central Bank of the Philippines (BSP) Director of Technology Risk and Innovation Surveillance Mhel Plabasan said that the adoption and use of digital assets by Filipinos obliges officials to focus on working with the private sector and ensure sound regulation.
According to Plabasan, BSP recently completed testing the use of stablecoins as a payment method in the Philippines.
“We saw that stablecoins have the potential to revolutionize both domestic and international payments, making them more accessible and faster. It is possible that the use of stablecoins will help improve the efficiency of cross-border money transfers,” Plabasan said.
The official shared with reporters the thought that while BSP is working on its own central bank digital currency pilot Project CBDC-Ph, the regulator is not preventing commercial banks from taking the initiative and expanding service offerings in the crypto asset market.
A recent report from blockchain data platform Chainalysis showed that the Philippines has the second highest cryptocurrency adoption in the world, just behind Vietnam.
Source: Bits
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