Blockchain for Bonds Distribution in the PhilippinesColin Baseman
It’s an established fact that the Asian continent keeps prospering and growing in many spheres. Some of the Asian countries are located far from the mainland yet this does not mean that the most advanced and recent technologies cannot reach the population. What is now happening in the Philippines surprises many crypto market specialists.
Official news outlets report that the republic has fully prepared to launch a blockchain application specially designed to distribute government bonds. It’s a mobile application that bases on blockchain technology that perfectly fits for the distribution of bonds issued by the authorities.
Last Sunday, the local Bureau of the Treasury in partnership with the UnionBank finally launched the application. According to journalists, the Digital Asset Exchange has joined the project and performed its part of the mission. It’s essential to mention that the official representatives of the mentioned organizationsadmitted that what they present is Asia’s first bond issuance to leverage on blockchain technology.
Data suggest that approximately seventy-seventy percent of the adult population of the country still do not have bank accounts. Bringing bonds investment to the unbanked individuals is a challenging task, but the companies managed to succeed in achieving their goals. The new mobile application is aimed at offering straightforward investment opportunities to the unbanked population of the Philippines.
From now on, many Filipinos will be able to perform easy and quite affordable investments in the newest bond known as RTB-24. What the team provides will let thousands of national citizens to deal with treasury bonds – all this will take five thousand pesos, which is around one hundred USD.
Users will make instant payments utilizing separate services like Paymaya, GCash, and InstaPay. People can pay via internet banking. On the other hand, OTC payments are also possible if individuals employ their UnionBank accounts.
Reduction of Time and Costs
Another great advantage of the innovation is that the app reduces costs as well as time. It also makes an impact on manual verification and simplifies the settlement processes. DLT, in turn, ensures a distribution of bonds and carries it out in a secure way.
The process is feasible and economically viable. A year ago the bank found it important to launch a stablecoin that is backed by the local currency. Their mission was to drive financial inclusion across the Philippines. Four months ago, the executives reported that the pandemic has raised the demand for institutions to become digital.
Luckily, it marked the start of the death of hard and cold cash. Newly created mobile applications that the public can enjoy will significantly reshape many people’s lives and make their daily routine less tedious. All in all, the country is ready for further changes and developments. Analysts confirm that the government has made plenty of changes in several major industries and now a few key sectors have become more productive and efficient thanks to blockchain technologies and numerous innovations that the modern world provides.
Authorities feel ready to consider the most advanced features and use them as a powerful instrument to improve the current financial situation and problems that the population faced after the pandemic.
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