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The Philippines announced the launch of tokenized treasury bonds, which will script history with a vision of a new digital financial era.&nbsp; The Bureau of the Treasury made the announcement, planning to offer 10 billion pesos (approximately $179 million) of one-year tokenized bonds.
According to the Bureau of Treasury issued <a rel="noopener noreferrer nofollow" href="https://www.treasury.gov.ph/wp-content/uploads/2023/11/Press-Release-on-Tokenized-Treasury-Bonds.pdf" target="_blank">government release</a> on November 16, with this first-ever move, the Philippines will cancel the regular bills auction. The tokenized bonds will be issued on November 20, paving the way for the pioneering issuance.
<h2 id="first-tokenized-treasury-bonds-ttbs">First Tokenized Treasury Bonds (TTBs)</h2>
The Philippines’ first-ever TTBs will be made available to eligible investors in minimum denominations of P10 million and in increments of P1 million thereafter. The bonds will be available with similarities with the conventional government securities offers, and issued digitally.
Furthermore, tokens will be maintained in the BTr’s Distributed Ledger Technology (DLT) Registry. For the processing of TTBs, the Bureau of Treasury will implement a dual registry structure, with the DLT Registry running in parallel with the National Registry of Scripless Securities (NRoSS). The NRoSS will serve as the primary registry.
Also Read: <a href="https://coingape.com/paxos-gains-mas-nod-for-usd-stablecoin-launch-in-singapore/" target="_blank" rel="noopener noreferrer nofollow">Paxos Gains MAS Nod For USD Stablecoin Launch In Singapore</a>
<h2 id="ttb-will-unfold-a-new-financial-era-in-the-philippines">TTB will Unfold a new Financial Era in the Philippines</h2>
The announcement of the TTBs in the Philippines will be an expansion of the debt market, democratizing investment through digital technology. It will reduce the settlement risk and friction costs, unfolding a new financial era for the investors.
The&nbsp; TTBs will be issued by the state-owned Development Bank of the Philippines and the Land Bank of the Philippines.
Speaking of the continuation and future of tokenized bonds, Deputy Treasurer Erwin Sta said that they will study the technology and test how far the Philippines government can take it. It is to be noted, that the use of digital assets and tokens with the help of <a href="https://coingape.com/glossary/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> systems has gained popularity, globally.&nbsp; In this constant evolution, Asian countries like Hong Kong and Singapore also started their expansion.
The Philippines starting its first-ever tokenization bonds could be a result of the influence of digital finances on the debt market.&nbsp; The move is a part of the National Government’s Government Securities Digitalization Roadmap, aiming for better and wider use of Distributed Ledger Technology in the government bond market.
Also Read: <a href="https://coingape.com/binance-and-gulf-energy-crypto-exchange-reshapes-thailand-digital-frontier/" target="_blank" rel="noopener noreferrer nofollow">Binance and Gulf Energy’s Crypto Exchange Reshapes Thailand’s Crypto Frontier</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/philippines-initiates-179-mln-tokenized-treasury-bonds-revolutionizing-digital-finance/">Philippines Initiates $179 Mln Tokenized Treasury Bonds Revolutionizing Digital Finance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Philippines Initiates $179 Mln Tokenized Treasury Bonds Revolutionizing Digital Finance

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