Philippine Plans Govt Bonds Using Blockchain, CBDC
The Philippines’ Treasury is exploring blockchain technology for bond sales, following a successful crowdfunding campaign for government bonds.
The Bangko Sentral ng Pilipinas (BSP) is testing Digital Currency Certificates of Deposit (CBDCs) for large financial transactions to understand the technology’s advantages and disadvantages.
Tokenization, the conversion of assets into digital tokens, is gaining popularity worldwide, with Citigroup predicting a $5 trillion market by 2030.
The Philippines’ Treasury plans to collaborate with the BSP’s CBDC initiative to explore the potential of digital currency for bond sales.
The recent tokenized bond offering in the Philippines may encourage other corporations to adopt this approach.
The Union Bank of the Philippines issued digital bonds last year, and Manila plans to make these bonds available to the general public.
(With inputs from Shikha Singh)
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