Philippines – Page 2

Central Bank of the Philippines to Complete Wholesale CBDC Pilot This Year, Hints at Securities Focused Use Case

March 11, 2024

The Central Bank of the Philippines revealed that it aims to conclude the ongoing wholesale CBDC pilot, Project Agila, later this year. The pilot, which currently includes the participation of six local financial institutions, might be the gate for democratizing access to securities according to Deputy Governor for Payments and Currency Management Sector Mamerto Tangonan.…
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Philippines to Develop Blockchainless Wholesale CBDC in Two Years

February 14, 2024

The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central…
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Philippines to sell $179M in tokenized treasury bonds for the first time

November 16, 2023

Real-world asset tokenization as a concept has existed for some time. However, in 2023, with the growing interest of institutions, various governments have started experimenting with the idea. The Philippines Bureau of the Treasury announced it would offer 10 billion pesos ($179 million) of one-year tokenized treasury bonds for the first time after canceling the…
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USDC issuer partners with Philippines exchange to promote stablecoin

October 11, 2023

18 million users of Coins.ph are expected to receive a faster, lower-cost and more accessible remittance option as a result of the new partnership with Circle. Circle, the issuer of the U.S. dollar-pegged stablecoin, USDC (USDC), is increasing its presence in the Philippines with a new local partnership. On Oct. 10, Circle announced a strategic…
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Hong Kong to tighten crypto regulation, Thailand to tax crypto overseas: Law Decoded

September 25, 2023

While Thai regulators aim to tax crypto earned overseas, Brazilian lawmakers seek to protect it from seizure. Hong Kong regulators are looking to tighten the noose around the crypto market after arresting six individuals following allegations of fraud around an unlicensed crypto exchange, JPEX. The government intends to increase its efforts to inform investors and…
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Digital Dollar Project completes CBDC retail remittance pilot with Western Union

August 4, 2023

The project simulated transfers to customers of BDO Unibank in the Philippines with improved settlement time, cost and transparency. The Digital Dollar Project (DDP) announced the completion of a pilot study of remittance payments to the Philippines using a simulated retail central bank digital currency (rCBDC). Western Union and BDO Unibank were partners in the…
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The Philippines delays publishing crypto framework

June 7, 2023

Despite a tumultuous year, the Philippines’ financial regulator decided not to rush a legal framework on the crypto industry, which was initially planned for late 2022. Despite the wave of market failures in 2022, the Philippines’ financial regulator has decided not to rush a legal framework on the crypto industry, initially planned to be published…
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Philippines Law Enforcement Busts Crypto Scam Center, Over 1,000 Human Trafficking Victims Rescued

May 10, 2023

Over 1,000 human trafficking victims were recently rescued from a “fraud factory” in Mabalacat, a town located nearly 90 kilometers northwest of Manila, Philippines law enforcement has said. Michelle Sabino from the Philippine National Police Anti-Cybercrime Group said trafficking victims use social media platforms such as Facebook to lure unsuspecting individuals. Cryptocurrency Scams According to…
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Spain a Hotbed for Cryptocurrency Real Estate Deals, According to Study

March 7, 2023

A recent study indicates that Spain is one of the hottest countries regarding real estate offerings that can be paid with cryptocurrency. The report, prepared by Forex Suggest, found that Spain is the country with the most properties available for crypto, followed by Thailand, Portugal, and the UAE. Spain Ranks First Among Countries With…
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Philippine Authorities Rescue Alleged Victims of ‘Crypto Trafficking Ring’

January 23, 2023

Philippine authorities say that they have rescued alleged victims of a “crypto trafficking ring” who were recruited to work in a call center in Cambodia and scam people out of their cryptocurrencies. The authorities are also investigating government employees who may have assisted crypto trafficking syndicates. Alleged Victims of ‘Crypto Trafficking Ring’ Rescued The Philippine…
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