The most significant credit card issuing bank of Philippines is waiting for regulatory approval to issue Philippine Peso based digital coin on the newly launched blockchain of IBM. The blockchain of IBM is a real-time worldwide payment network, specially created for the financial institutions that are regulated by the government.
RCBC is the first financial institution of Philipines to express interest to create Peso backed cryptocurrency. The bank is planning to enhance its payment infrastructure using this opportunity. The aforementioned coin will be a stablecoin.
In recent years’ number of financial institutions has launched stablecoins. The intention behind this is to lower the cost and time of cross broader transactions, which is often very high in the traditional process. Recently a Hong Kong established firm Bitspark has introduced stablecoin peg.PHP. Even Facebook is not left behind in this race; they are also developing their stablecoin for WhatsApp.
RCBC is the sixth among other banks of the world to sign a letter of consent to launch their stablecoin on IBM blockchain powered by stellar. They are among the 44 international banks that use IBM platform for point to point payment.
According to the VP of IBM blockchain, Jesse Lund has said with their platform the financial organizations can experience development, especially in the field of issuance of cryptocurrency.
The blockchain network of IBM, World wire on which RCBC will park their stablecoin is designed as an inter-banking platform for remittances, cross broader payments and foreign exchanges. In this single integrated platform, participants can choose a range of digital assets for settlement.
The spokesperson of RCBC has expressed excitement on being the first bank of the Philippines to launch Peso backed stablecoin on IBM blockchain. He further added world wire had presented them with an enormous chance to renovate their payment structure.
After getting permission from the regulatory bodies, RCBC will join six other global banks to issue stablecoin on IBM blockchain. This means World wire will have stablecoins like Philippine Peso, Brazilian Real, Indonesian Rupiah, Korean Won, and Euro.
RCBC is hopeful that they will obtain regulatory agreement within the next few days.