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International Business Times
International Business Times
Business
Marvie Basilan

Philippines' First Stablecoin Can Help Address Country's Remittance Issues, Provide Regulatory Clarity: Expert

Philippines BSP Crypto
Coins.ph received the BSP's stamp of approval to pilot PHPC earlier in May. (Credit: Coins.ph Twitter)

KEY POINTS

  • The BSP recently approved a pilot for the Philippines' first stablecoin, PHPC
  • GMMG's Abello said stablecoins can help address international remittance denials
  • He said the PHPC can also be a use case for online shopping

The Philippine central bank has approved the first stablecoin pilot in the country, marking a major milestone in the Southeast Asian nation's cryptocurrency sector. Should the project be a success, it could help solve the many issues faced by overseas Filipino workers (OFWs) who get their remittances denied through traditional channels and could also pave the way for more regulatory clarity in the country.

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