BSP remains cautious about stablecoins as proposals roll in
Deputy governor says most submissions are for dollar-backed assets focused on retail use
The Philippines’ central bank has said there have been many private sector proposals to introduce stablecoins in the country but that it is still approaching the technology with caution.
Speaking in Hong Kong today (November 25), Central Bank of the Philippines (BSP) deputy governor Zeno Abenoja said some of the proposals had been for peso-backed stablecoins, though most were for assets that would be backed by the dollar. “The proposals we hear are primarily driven by the possibility of cross
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