Remittances from Overseas Filipinos gained a total of $17.59 billion for the first six months of 2023, the BSP reported.
The Bangko Sentral ng Pilipinas disqualifies Riyben Foreign Exchange for operating as an unlicensed Money Service Business.
As of this writing, 72 countries are exploring retail CBDC systems, and 11 of them have fully launched a retail CBDC.
By involving the banks that hold significant market share, the BSP said it aims to have more substantial findings and results for its pilot CBDC project.
Hyperledger Fabric 101: Discover why the BSP possibly chose this blockchain for Project Agila, its Central Bank Digital Currency (CBDC) pilot.
Check out our episode notes, highlights, and summary of the webcast: Impact of CBDC on Crypto in the Philippin
Project Agila involves multiple local financial institutions and receives technical support from international organizations.
The surge in the number of BDAs in a span of one year led the total value of BDA deposits to exceed ₱27 billion, a 432% rise from ₱5.1 billion in the same quarter of 2022.
Concerns over government control, centralization, and privacy are at the heart of this hesitation.
PDAX CEO Nichel Gaba details how Philippine crypto exchanges, with a blend of technology and regulation, enforce anti-money laundering rules, ensuring financial integrity in the crypto sector.