Coins.ph says its Philippine central bank license remains intact amid reports of possible revocation over alleged offshore gambling transactions. [Update, 11:00 am UTC: Added a follow-up response from a Coins.ph spokesperson.] Coins.ph said it remains licensed by the country’s central bank following reports that it could face license revocation over alleged transactions involving restricted offshore gambling operators. Coins.ph is one of the largest crypto exchanges in the Philippines, recording approximately $52 million in 24-hour spot trading volume on Wednesday, according to CoinGecko. The reported license risk follows restrictions imposed by the Bangko Sentral ng Pilipinas (BSP) on incoming InstaPay and PESONet transfers involving DCPay Philippines, the entity operating Coins.ph’s peso e-wallet services. “Coins.ph firmly denies any claim that it knowingly serves offshore gaming or gambling operators,” the company said in an official statement shared with Cointelegraph on Wednesday. “Our users’ funds are ...
The Philippine bank is preparing a stablecoin settlement pilot intended to speed up and reduce the cost of overseas payments to Filipino remote workers. The Bank of the Philippine Islands (BPI) is planning to pilot a stablecoin-based settlement rail for cross-border payments to freelancers, virtual assistants and other workers receiving overseas income, according to local media reports. Developed with global digital clearinghouse Meridian, the system is intended to reduce the cost and processing time of inbound payments while retaining safeguards used in traditional banking transactions, according to ABS-CBN and the Philippine Daily Inquirer. Stablecoins would be used as a settlement instrument before the funds are converted to Philippine pesos and credited to recipients’ BPI accounts. Read more