Philippines to Launch Tokenized Treasury Bond: A Crypto Breakthrough

• Philippines Government Plans Blockchain-based Treasury Bond Sale
• Context: Global Shift towards Tokenized Bonds
• Details of the Bond Sale
• Related News

Philippines Government Plans Blockchain-based Treasury Bond Sale

The government of the Philippines has announced its intention to raise 10 billion pesos (approximately $180 million) through the issuance of a tokenized treasury bond. This move is a part of the government's strategy to employ blockchain technology in digitizing its domestic debt market.

Context: Global Shift towards Tokenized Bonds

The upcoming sale by the Philippines government follows a similar initiative by Hong Kong, which in February issued an 800 million-Hong Kong dollar ($103 million) tokenized green bond. In August, the central bank detailed how the process of tokenization could improve efficiency, liquidity, and transparency within bond markets.

Details of the Bond Sale

The Philippines Bureau of the Treasury is set to confirm the interest rate for the one-year bond on November 20. The issuance and settlement date are scheduled for November 22. The Bureau has reserved the right to modify the specifics of the bond issue, as stated in an announcement made on Thursday.

Related News

In related news, the foundation of former boxing champion Manny Pacquiao will be utilizing Shibarium for its operations.

Edited by Jonathan Stoker