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The Philippines will launch a central bank digital currency within the next 2 years to cope with the growing growth of cryptocurrencies
The Philippine central bank intends to launch a wholesale CBDC that does not use blockchain technology.
The Bangko Sentral ng Pilipinas is preparing to launch a central bank digital currency (CBDC) within the next two years in response to the country’s growing use of cryptocurrencies, local media reported.
Central Bank Governor Eli Remolona Jr. announced the plan on February 12 and said the regulator intended to focus on wholesale CBDC rather than retail CBDC. He added that the central bank has decided to abandon the use of blockchain technology in the project.
Remolona Jr. said the central bank’s purpose is to provide a stable and regulated digital currency to increase the efficiency of domestic and cross-border payments.
The Bangko Sentral ng Pilipinas is preparing to launch a central bank digital currency (CBDC) within the next two years in response to the country’s growing use of cryptocurrencies, local media reported.
Central Bank Governor Eli Remolona Jr. announced the plan on February 12 and said the regulator intended to focus on wholesale CBDC rather than retail CBDC. He added that the central bank has decided to abandon the use of blockchain technology in the project.
Remolona Jr. said the central bank’s purpose is to provide a stable and regulated digital currency to increase the efficiency of domestic and cross-border payments.
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Shocking!
Two Russian hackers stole $6.2 million in cryptocurrency in the Philippines!
😱 The Philippine Department of Justice shocked the world by revealing that two Russian citizens were accused of stealing $6.2 million (about 340 million PHP) worth of XRP from the local crypto exchange Coins.ph! It's a crime case straight out of a movie!
🚨 The suspects Avdeev and Yaschuck, who were consultants to Coins.ph, used their in-depth knowledge of the company's system to successfully hack into and steal 12.2 million XRP! Attorney General Remulla said, "The Department of Justice has a responsibility to ensure that the rule of law is maintained in cyberspace."
💰 It is reported that Avdeev faces 23 cybercrime charges, while Yaschuck faces three charges, with bail of 120,000 Philippine pesos each. The suspects attempted to launder money through multiple crypto platforms to conceal the source of funds.
⚠️ This case once again sounded the alarm for cybersecurity, especially on cryptocurrency platforms, where advanced security protocols are essential! In the second quarter of this year, similar cryptocurrency thefts have already lost more than $629 million!
#黑客入侵 #加密货币盗窃 #菲律宾 #BTC下跌分析 #安全 $BTC $ETH $BNB
Two Russian hackers stole $6.2 million in cryptocurrency in the Philippines!
😱 The Philippine Department of Justice shocked the world by revealing that two Russian citizens were accused of stealing $6.2 million (about 340 million PHP) worth of XRP from the local crypto exchange Coins.ph! It's a crime case straight out of a movie!
🚨 The suspects Avdeev and Yaschuck, who were consultants to Coins.ph, used their in-depth knowledge of the company's system to successfully hack into and steal 12.2 million XRP! Attorney General Remulla said, "The Department of Justice has a responsibility to ensure that the rule of law is maintained in cyberspace."
💰 It is reported that Avdeev faces 23 cybercrime charges, while Yaschuck faces three charges, with bail of 120,000 Philippine pesos each. The suspects attempted to launder money through multiple crypto platforms to conceal the source of funds.
⚠️ This case once again sounded the alarm for cybersecurity, especially on cryptocurrency platforms, where advanced security protocols are essential! In the second quarter of this year, similar cryptocurrency thefts have already lost more than $629 million!
#黑客入侵 #加密货币盗窃 #菲律宾 #BTC下跌分析 #安全 $BTC $ETH $BNB
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Binance exchange faces nationwide blockade in Philippines due to SEC recommendation
Philippines SEC tightens control over cryptocurrency market, targeting Binance for regulatory violations.
•The Philippine Securities and Exchange Commission (SEC) has taken steps to block access to Binance, arguing that the platform is not registered as a company and does not have the necessary licenses to offer securities in the country.
•The SEC has set a three-month grace period for Binance users in the Philippines to close their positions and withdraw their investments, after which the ban is expected to take effect.
•The SEC also called on technology giants such as Google and Meta to cooperate to stop Binance’s online advertising in the Philippines and increase efforts to regulate the cryptocurrency market and protect investors.
•The Philippine Securities and Exchange Commission (SEC) has taken steps to block access to Binance, arguing that the platform is not registered as a company and does not have the necessary licenses to offer securities in the country.
•The SEC has set a three-month grace period for Binance users in the Philippines to close their positions and withdraw their investments, after which the ban is expected to take effect.
•The SEC also called on technology giants such as Google and Meta to cooperate to stop Binance’s online advertising in the Philippines and increase efforts to regulate the cryptocurrency market and protect investors.
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Philippines central bank approves first peso-pegged stablecoin to facilitate efficient remittances
The Central Bank of the Philippines recently announced that it has officially approved a stablecoin pegged to the Philippine Peso (PHP), called PHPC. The move marks an important development in the country’s fintech sector, aiming to provide faster and lower-cost remittance services to the public.
The stablecoin PHPC is fully backed by cash and equivalents in Philippine banks, ensuring the stability of its value. The launch of this new digital currency is expected to simplify cross-border transactions, especially in a country like the Philippines with a large number of overseas workers, which has important social and economic significance.
The stablecoin PHPC is fully backed by cash and equivalents in Philippine banks, ensuring the stability of its value. The launch of this new digital currency is expected to simplify cross-border transactions, especially in a country like the Philippines with a large number of overseas workers, which has important social and economic significance.
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