Philippines' watchdog, the Philippine Bureau of the Treasury (BTr), in cooperation with Union Bank of the Philippines (UnionBank) and Philippine Digital Asset Exchange (PDAX), has launched the platform for distribution of retail treasury bonds based on distributed ledger technology (DLT).
According to a local news outlet Taiwan News, the new mobile app called Bonds.PH will allow everyone to invest and help the Republic raise funds for economic recovery and COVID-19 response.
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UnionBank President & CEO Edwin Bautista claims this is the first retail treasury bond issuance to leverage on blockchain technology in Asia.
"The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos," Bautista added.
Bonds.PH also has integrated support for blockchain networks with transactions recorded in a DLT-based registry in addition to the existing system.
Earlier, the Securities and Exchange Commission (SEC) of the Philippines issued a warning against individuals and groups who trade and make investments in unauthorized crypto projects.
According to the warning that was issued on July 1, people who participate in crypto schemes could face a fine, up to 21 years in prison.
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