Mhel Plabasan, the top executive in Bangkok Sentral ng Philipinas will be in favor of stablecoins in helping the monetary system and increasing the ability of cross-border transactions.
Through a panel discussion at Forkast Crypto Rising: CBDCs & Stablecoins: The Asia Perspective, he also stated that stablecoins are able to take advantage of the country's payment network.
He added that stablecoins allow Filipinos working abroad to send funds to their families in a cost-effective manner.
This follows because 12 million Filipinos have lived outside the country and the country with the most Filipinos is in the United States, numbering more than four million.
Although Plabasan supports the adoption of stablecoins, regulators should also monitor the new technology closely.
Meanwhile, he revealed that his financial institution will launch a central bank digital currency (CBDC) with the launch of the CBDCPh* project.
*Testing the use of CBDC for large value financial transactions
Speaking of CBDCs, the Bank of International Settlements (BIS) and the central banks of Israel, Norway and Sweden have collaborated to explore whether the financial instrument could settle retail payments and international remittances.
In fact, his team will examine if CBDC can make transactions at a lower cost and faster than traditional methods.
In the meantime, Mithra Sundberg, the highest executive at the Swedish central bank, revealed that his country joined the project in order to double the efforts of the e-krona and develop its digital currency by the end of 2026.
