Philippines Plans to Offer Sovereign Bonds on Blockchain Using its CBDC

Philippines Plans to Offer Sovereign Bonds on Blockchain Using its CBDC

The Philippines Treasury Explores Digital currency For Bonds

The Bureau of the Treasury in the Philippines is considering a collaboration with the monetary authority to extend the use of digital currency to the sale of Government securities. The Treasury is exploring the advantages of blockchain technology after raising 15 Billion pesos ($271 million) through its inaugural tokenized Treasury bonds. This success stems from utilizing the Distributed Ledger Technology Registry.

Using CBDC For Selling Sovereign Bonds

The Bangko Sentral ng Pilipinas has been conducting experiments with monetary authority digital currency (CBDC) for whole lot of financial transactions. Their goal is to assess the technology’s advantages, dangers, and policy implications. Nonetheless, the present distributed ledger technology (DLT) registry only covers half of the bond sale process. In an interview with Bloomberg on Monday, Deputy Treasurer Erwin Sta. Ana stated, “We’re testing the capability of the DLT. We are looking to collaborate with the Bangko Sentral in their monetary authority digital coin program.”

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The Tokenization Trend

Tokenization is an emerging sector that has gained whole lot of attention from numerous governments and corporations. Additionally, the tokenization market has the  capacity to reach $5 trillion by 2030. Sta. Ana likewise mentioned that future sales of Philippine tokenized Treasury bonds might involve larger tenors. The recent tokenized Treasury bond deal on Monday could serve as an inspiration for more corporations to explore similar ventures. Manila is now considering expanding the issuance of tokenized bonds to encompass retail investors. “We are just starting and we will look to further take this on the retail side,” Sta. Ana said.

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Hot Take

The move by the Philippines treasury showcases a growing trend of digital currency implementation in traditional financial transactions, with whole lot of positive effects on financial markets, technology, and universally accepted payment systems. As the success of these initiatives becomes more evident, expect to see a wider embrace of digital currency for a range of financial services, particularly in bond issuance and trading.

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