LA Bangko Sentral ng Pilipinas (BSP) recently announced that the experiment on wholesale central bank digital currency (CBDC) will start in the fourth quarter.
BSP pointed out that CBDCs can solve the problems encountered in large cross-border transactions and currency transfers through reduced transaction costs, shortened processing times and improved transaction transparency. He also said it could help boost the country’s recovery from the Covid-19 pandemic.
It uses the same blockchain technology used to issue and track cryptocurrencies such as Bitcoin and Ethereum.
Unlike other cryptocurrencies which are unregulated and have no central issuing authority, a CBDC is issued and regulated by a country’s monetary authority or central bank. While the value of cryptocurrencies tends to fluctuate wildly, the value of a CBDC is pegged to a country’s currency. It is essentially the numerical form of the Philippine peso.
Tetrix (https://www.tetrix.xyz/) is an interconnected Philippine manufacturing ecosystem that aims to bridge the gap between all blockchain projects. The group also recently launched its crypto wallet called Pitaka which allows users to store, manage and trade various cryptocurrencies and digital assets in a simple browser extension.
By using the omnichain interoperability protocol, enterprises and developers can implement cross-chain applications without having to rely on a middleware approach. Applications built on 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 comprised of a diverse group of Filipinos who have made significant contributions in their respective fields and are trusted by major stakeholders in the blockchain ecosystem.
He is also the founder and CEO of Viridian Technologies Inc., an IT solutions company offering high-end products and services primarily on Web3, aiming to provide an inclusive ecosystem, which meets the daily demands of its users.