From an Asian Development Bank study, the Bangko Sentral ng Pilipinas is looking into numerous essential breakthroughs. The purpose is to assist them in establishing a new financial market infrastructure, particularly distributed ledger technology.
The central bank has been considering collaborating with possible providers of blockchain analyzer technologies. This is according to the Philippines news site Business World citing the ADB document. This aims to make it easier to monitor financial organizations. They are the ones who use digital currency and blockchain technology in their operations.
Nonetheless, DLT is just one of the important technologies that the country is exploring or studying. It also examines artificial intelligence, open APIs, cloud computing, big data analytics, as well as cybersecurity. According to the ADB, the Philippines are now one of the ASEAN region’s most receptive jurisdictions to innovative financial technologies.
The ADB is also praising the BSP’s efforts to create a central bank digital currency. The banking system has indeed been testing retail CBDC that they can use in cross-border settlements.
The regulatory bank’s top aim this year is to undertake a case study method study focusing on wholesale market CBDC. In addition, they are creating a top management structure to spearhead the endeavor. Together with them is Deputy Governor Mamerto Tangonan serving as project leader. Several consultants like Edna Villa as the payments consultant and Lilia Guillermo as the technological counselor are already in place. All of the will help supervise the various industries.
Enabling Filipinos to Enjoy Speedier Financial Transaction
The wholesale CBDC will empower Filipinos to genuinely access smoother monetary operations. This is the result of the infrastructure that CBDC creates. Accordingly, If the substantial value payment scheme is solid, safe, and resilient, it will help to accurately reflect in the consumer payment platform.
Soramitsu, a Japanese blockchain firm, recently states that it has been commissioned to perform a feasibility analysis for something like the project. Certain other CBDC major projects on the continent are already complete with the help of major businesses, including one in Cambodia.
The Philippines Makes Significant Progress in Blockchain Adoption
Aside from investigating use cases in the banking industry, the Philippines are trying to implement blockchain technology in other industries. In addition, the Philippines Port Authority recently shows interest in implementing blockchain technology. This one will assist to improve the effectiveness of seaport operations around the world.
Shiptek Solutions Corp., a block-backed logistics business, has already a procurement agreement coming from the PPA. The agreement is for their container marking and tracking project. The Union Bank startup will deliver technologies that will enable the PPA to operate its port activities using blockchain technology.
Meanwhile, the nation has not been particularly welcoming to the digital currency industry, which blockchain technology also supports. The country’s Securities and Exchange Commission has issued multiple cautions regarding the hazards of investing in digital assets. Moreover, its most recent alert was intended to raise awareness of potential digital money fraud.
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