Cryptocurrency platform Coins.ph is testing a new technology that could make sending money cheaper and faster for Filipinos, especially for those working abroad.
The company is joining the Arc public testnet, a new blockchain network built by a company under Circle Internet Group, which is listed on the New York Stock Exchange.
Coins.ph said it wants to see how its digital version of the Philippine peso, called PHPC, can work on this new system.
PHPC is a stablecoin, meaning its value is always equal to one Philippine peso. The company hopes that by using Arc’s system, it can make money transfers between countries happen almost instantly, without the high fees that banks often charge.
Coins.ph said it has already finished a test program under the Bangko Sentral ng Pilipinas (BSP) earlier this year. The next step is to apply for permission from the BSP to create more PHPC and use it for larger money transfers.
According to Coins.ph CEO Wei Zhou, the goal is to make PHPC more useful for everyday Filipinos. “We want to make remittances faster and cheaper,” he said.
The Arc network allows developers to build new online financial tools and apps, which could help Filipinos use PHPC in more ways — like saving, borrowing, or paying online through blockchain technology.
Coins.ph said it will continue to work with government regulators to make sure everything follows the law as it explores new digital financial services for the future.
