Payments services firm Bitspark is releasing a cryptocurrency pegged to the Philippine peso (PHP). The development was announced in a press release shared with Cointelegraph on April 25.
Bitspark, a blockchain-based bankless money transfer solution, will launch a PHP pegged cryptocurrency for money transfers dubbed “peg.PHP.” The first company to use peg.PHP will reportedly be an Australian-founded technology start-up based in Cambodia, Okra Solar.
Okra Solar, which provides off-grid solar solutions for remote regions, will deploy peg.PHP through Bitspark’s payment network in the Philippines. The press release claims that this will be the first time when stablecoins will be used for bill payments. Customers will also be able to pay their bills with the stablecoin in the form of a cash deposit at one of the shops in Bitspark’s network.
George Harrap, co-founder and CEO of Bitspark said that with the launch of peg.PHP, the company intends to improve the money transfer ecosystem, including bill payments. “There are more than 180 official currencies today and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets,” Harrap said.
As reported in March, six international banks — such as Brazil’s Banco Bradesco, South Korea’s Bank Busan and the Philippines’ Rizal Commercial Banking Corporation — signed letters of intent to issue their own stablecoins backed by their national fiat currencies on IBM’s network.
In February, the Philippines introduced a new set of rules governing Digital Asset Token Offerings (DATO). The new regulations released by the country’s Cagayan Economic Zone Authority are reportedly designed to regulate the cryptocurrency industry and protect investors, affecting such issues as the acquisition of crypto assets, including utility and security tokens.
Earlier today, TrustToken announced it will expand into four new digital currencies backed by Australian dollars (TrueAUD), Euros (TrueEUR), Canadian dollars (TrueCAD) and Hong Kong dollars (TrueHKD).
