Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption

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As a seasoned crypto investor with a deep interest in the Asian market, I’m particularly excited about Ronin Network’s recent announcement of integrating the Philippine peso-pegged stablecoin (PHPC) onto its platform. This development underscores the growing importance of the Philippines in the blockchain gaming sector and the increasing regulatory oversight in the region.

The Ronin Network has made an announcement: PHPC, a stablecoin pegged to the Philippine peso, is now supported on their network. This news was disseminated via Ronin’s X channel (previously known as Twitter), emphasizing the technical partnership with Coins.ph – a well-known crypto trading platform in the Philippines.

Following the Central Bank of the Philippines’ approval in May, PHPC was introduced with the main objective of making remittances more affordable. Coins.ph, a well-known Filipino cryptocurrency exchange, collaborated with Sky Mavis to debut PHPC on the Ronin blockchain.

The Philippine Central Bank, or BSP, has given its approval and support for this stablecoin. Coins.ph is planning to launch it through the BSP’s Regulatory Sandbox Framework, which allows for a carefully managed and supervised market entry.

Impact and Potential of PHPC in the Philippine Crypto Ecosystem

As a blockchain analyst, I’m excited to note that the introduction of PHPC on Ronin marks a pivotal moment for this platform. With USDC already available, Ronin now boasts two stablecoins, expanding its financial capabilities and catering to the growing demand within the community.

Founded in 2014, Coins.ph has amassed an impressive user base of over 18 million registered accounts, with approximately 7 million of these being active users each month. This equates to around 6% of the Philippines’ total population of 116 million people. Sky Mavis aims to integrate PHPC (Coins.ph Philippine Pesos Coin) into Ronin as a significant financial asset for millions of web3 gamers in the Philippines. Through this integration, these gamers will be able to convert their in-game earnings, transfer funds, and make purchases using cryptocurrency.

The process of introducing PHPC is in progress, enabling deposits and withdrawals on both Coins.ph and the Ronin Wallet. Further developments may include listing PHPC/RON on Katana, the decentralized exchange on the Ronin network. PHPC is secured by cash reserves from Philippine banks, ensuring its security and dependability. Originally introduced on Coins.ph, there are plans to broaden its accessibility across other platforms, establishing PHPC as a stablecoin pegged to the peso for everyday use, facilitating instant real-time transactions around the clock.

Regulatory Landscape and Government Oversight in Philippine Crypto Market

The Philippine crypto market is currently undergoing expansion and advancements, yet it encounters heightened regulatory oversight. In March, the National Telecommunications Commission (NTC) took steps to limit access to unlicensed cryptocurrency trading platforms. This move was instigated by the Securities and Exchange Commission (SEC) and signifies the government’s dedication to safeguarding investors and curbing illegal financial transactions within the nation.

As a researcher studying the developments in the Philippine cryptocurrency market, I can share that on February 21st, the National Telecommunications Commission (NTC) initiated regulatory action by instructing internet service providers to restrict access to websites and applications linked to MiTrade and OctaFX. The reason for this directive was that these entities were alleged to have engaged in unlicensed investment activities. This regulatory measure represents a strengthening of the Philippines’ oversight on crypto market regulation, with the ultimate goal of fostering a secure and compliant digital asset ecosystem.

Ronin Software Update

Ronin, the mobile wallet provider, has made available versions 2.4.0 of its app for iOS and Android users. This latest update brings about substantial enhancements. Among these improvements are customizable settings for Remote Procedure Calls (RPC), gas fees, and nonces, empowering users to have greater transaction control. Furthermore, manual addition of Non-Fungible Tokens (NFTs) is now supported, and a new single-chain mode has been implemented to simplify usage.

The new version of our platform, now available for download, offers enhanced flexibility and customization choices, demonstrating Ronin’s dedication to continuous improvement. This release brings significant upgrades in addition to numerous bug fixes and performance enhancements, ensuring a smoother experience within the Ronin ecosystem. We invite users to upgrade to enjoy these new features and optimizations.

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2024-07-08 14:14