THE Bangko Sentral ng Pilipinas (BSP) recently announced that the experiment on wholesale central bank digital currency (CBDC) would begin in the fourth quarter.
BSP emphasized that CBDCs may address pain points in large cross-border transactions and foreign currency transfers through transaction cost reduction, shortened processing times and better transaction transparency. It also said that it might help boost the country’s recovery from the Covid-19 pandemic.
Unlike other cryptocurrencies which are unregulated and don’t have a central issuing authority, a CBDC is issued and regulated by a nation’s monetary authority or central bank. While cryptocurrencies tend to fluctuate wildly in value, a CBDC’s value is pegged to a nation’s currency. It is basically the digital form of the Philippine Peso.
Tetrix (https://www.tetrix.xyz/ ) is a Filipino-made interconnected ecosystem that aims to bridge the gap among all blockchain projects. The group also recently launched its crypto wallet called Pitaka which allows users to store, manage and exchange various cryptocurrencies and digital assets in one simple browser extension.
Using the omnichain interoperability protocol, businesses and developers can implement inter-chain applications without having to rely on a middleware approach. The applications built on top of Tetrix make crypto more accessible to end-users, accelerating the exponential adoption of digital assets.
Led by CEO and co-founder Emman Navalan, Tetrix is composed of a diverse group of Filipinos who have made significant contributions in their respective fields and are trusted by key stakeholders in the blockchain ecosystem.
He is also the founder and CEO of Viridian Technologies Inc., an IT solutions company offering top-of-the-line products and services primarily on Web3, aiming to provide an inclusive ecosystem, that caters to the daily demands of its users.