Coins.ph Integrates Bitcoin and Ethereum with Philippines’ QR Ph Network
- Coins.ph has added Bitcoin and Ethereum to the Philippines’ QR Ph network, enabling payments at nearly 700,000 retail merchants.
- The integration is seen as a critical test for digital asset viability in regions with high remittance volumes.
- Pending approval from the Bangko Sentral ng Pilipinas (BSP), Coins.ph plans to launch its PHPC stablecoin to eliminate foreign exchange spreads.
- Initial data shows thousands of retail transactions totaling millions of Philippine pesos, reflecting diverse consumer spending habits.
- The BSP has tightened oversight on virtual asset service providers, requiring stricter standards for token listings and banning anonymity-enhancing privacy tokens.
Coins.ph’s integration of volatile cryptocurrencies like Bitcoin and Ethereum into the national QR Ph network marks a significant step in utilizing digital currencies for everyday commerce in emerging markets. This development underscores the evolving regulatory landscape as the BSP enforces stricter guidelines on virtual assets to ensure consumer protection and market stability.
(Source)
