- The Ronin Network has recently integrated PHPC, a stablecoin pegged to the Philippine peso, to enhance remittances and crypto adoption in the Philippines.
- This initiative, in collaboration with Coins.ph, has obtained regulatory approval from the Bangko Sentral ng Pilipinas.
- The Ronin Network’s Mobile Wallet has been upgraded to Version 2.4.0, adding new user-centric features and improving transaction control.
Discover how Ronin Network’s PHPC integration could revolutionize remittances and crypto adoption in the Philippines.
Ronin Network Integrates Stablecoin to Revolutionize Remittances
The Ronin Network, a blockchain platform known for its innovative solutions, has announced the integration of PHPC, a stablecoin pegged to the Philippine peso. This strategic move aims to make remittances more affordable and facilitate broader crypto adoption in the Philippines. The initiative is backed by Coins.ph, a leading Philippine crypto exchange, and operates under the regulatory oversight of the Bangko Sentral ng Pilipinas (BSP).
PHPC’s Regulatory Approval and Compliance
PHPC’s introduction and approval by the BSP underscore a significant milestone in stablecoin regulation in the Philippines. This compliance ensures that PHPC operates within a regulated framework, offering stability and reliability to users. Coins.ph will pilot this stablecoin under the BSP’s Regulatory Sandbox Framework, ensuring a controlled and secure introduction to the market.
Enhancing Financial Options for Filipino Gamers
One of the key targets of this stablecoin is the expansive gaming community in the Philippines. Sky Mavis, the company behind the popular game Axie Infinity, envisions using PHPC to provide Filipino gamers with better financial tools. This includes cashing out in-game earnings, facilitating fund transfers, and enabling crypto payments in retail stores.
Technical Collaboration with Coins.ph
The integration of PHPC is a collaborative effort with Coins.ph, a well-established crypto trading platform in the Philippines. The platform has a significant user base of over 18 million accounts, including 7 million monthly active users. This broad user base provides a strong foundation for introducing PHPC, enhancing its credibility and adoption potential across the country.
Introducing Ronin’s Mobile Wallet Upgrade
Alongside the stablecoin integration, the Ronin Network has rolled out Version 2.4.0 of its Mobile Wallet for iOS and Android devices. This update brings new features aimed at giving users greater control over their transactions, such as custom RPC, gas fee, and nonce settings. It also supports manual NFT addition and introduces a new single-chain mode for more streamlined usage.
Future Potential Listings and Financial Impact
PHPC deposits and withdrawals are already active on Coins.ph and the Ronin Wallet. There are plans to list PHPC/RON pairs on Katana, the Ronin-based decentralized exchange, further expanding its utility. Backed by cash and equivalents from Philippine banks, PHPC aims to maintain its stability and reliability, offering round-the-clock real-time transactions for users.
Regulatory Scrutiny and Government Oversight
Amidst the growth and innovation within the Philippine crypto market, there is also increased regulatory scrutiny. The National Telecommunications Commission (NTC) has taken steps to block access to crypto trading platforms operating without proper licenses. This move, driven by the SEC’s directives, aims to safeguard investors and curb illicit financial activities.
Impact of Regulatory Actions on the Market
Earlier this year, the NTC ordered internet service providers to block unlicensed platforms such as MiTrade and OctaFX. These actions reflect the Philippine government’s commitment to ensuring a compliant and secure crypto environment. Such regulatory measures are vital for nurturing a trustworthy digital asset ecosystem in the country.
Conclusion
The integration of PHPC into the Ronin Network marks a pivotal step in enhancing the financial landscape for Filipino gamers and everyday users. With regulatory backing from the Bangko Sentral ng Pilipinas and technical support from Coins.ph, PHPC stands to become a cornerstone of the Philippine crypto ecosystem. Paired with the latest updates to the Ronin Mobile Wallet, this initiative promises greater financial inclusivity and user empowerment.
