The Central Bank of the Philippines is Studying Blockchain Technology
According to a survey conducted by the Asian Development Bank (ADB), Bangko Sentral ng Pilipinas (BSP) is exploring several key technologies that will help it develop a new financial market infrastructure (FMI), including distributed ledger technology (DLT).
Referring to the ADB document, the Philippine Business World news outlet reported that the central bank is looking for opportunities to work with potential suppliers of blockchain analysis solutions. This should make it easier to monitor financial institutions using digital currencies and blockchain technology in their business.
"BSP is exploring interaction with potential providers of blockchain analysis solutions that could facilitate, among other things, surveillance of controlled financial institutions using cryptocurrency and blockchain technology in their business (i.e. virtual asset service providers)," the ADB report says. a detailed description of the survey results.
However, DLT is only one of the key technologies that the country is studying. Artificial intelligence, open API (application programming interface), cloud computing, big data analytics and cybersecurity are also considered. According to ADB, the Philippines is considered one of the most open jurisdictions in the ASEAN region for new financial instruments.
ADB also praised BSP's success in developing a central bank digital currency (CBDC). The central bank is experimenting with wholesale CBDC for use in cross-border settlements.
In a recent disclosure, Japanese blockchain startup Soramitsu announced that it had been awarded a contract to conduct a feasibility study of the project. The company has worked on other CBDC projects on the continent, including Cambodia.
Philippines' Success in Blockchain Adoption
In addition to exploring use cases in the financial market, the Philippines is also looking to deploy blockchain technology in various sectors. Recently, the Philippine Ports Authority (PPA) has expressed interest in using blockchain technology to improve the efficiency of seaports.
PPA has signed a contract for the purchase of its container labeling and tracking project with the logistics company Shiptek Solutions Corp. (XLOG). As part of the project, a company supported by UnionBank will deploy solutions that will allow PPA to perform its port operations using blockchain technology.
Meanwhile, the country is not so warm to the digital currency market, which also uses blockchain technology. The country's SEC has issued several warnings about the risks associated with investing in digital assets. His recent warning was aimed at drawing attention to a potential digital currency scam.
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