Bitspark To Issue Stablecoin Pegged to the Philippine Peso

The Bitspark company releases a cryptocurrency tied to the Philippine peso (PHP), as reported in a press release for the Cointelegraph on April 25.

Bitspark, a blockchain-based solution for cashless money transfers, will launch a cryptocurrency tied to the peso called “peg.PHP”. Australian-founded technology startup Okra Solar, based in Cambodia, will be the first company to utilize peg.PHP.

Okra Solar is developing solutions in the field of solar energy for remote regions. The company will deploy peg.PHP via the Bitspark payment network in the Philippines. The press release states that this will be the first case of paying the bills by stablecoins. George HARRAP, co-founder and CEO of Bitspark, said that with the launch of peg.PHP, the company intends to improve the money tranfer ecosystem, including bills payments:

"There are more than 180 official currencies today and blockchain technology can unlock currencies that were previously gridlocked into isolated or illiquid markets."

Earlier, in February of this year, the Philippines presented a set of rules governing the issue of digital tokens (DATO), which are aimed at regulating the crypto industry and protecting investors.

Image courtesy of Bitcoin Exchange Guide