The government of the Philippines announced its intention to use blockchain technology to digitise its domestic debt market and plans to raise 10 billion pesos ($180 million) through the sale of a tokenized Treasury bond next week.
The proposed offering comes after Hong Kong’s February 800 million Hong Kong dollar ($103 million) tokenized green bond issue. After that, in August, the central bank explained how tokenization could improve bond markets’ efficiency, liquidity, and transparency.
On November 20, the Philippines Bureau of the Treasury plans to confirm the bond’s interest rate. The bond will be issued and settled on November 22. It stated in an announcement on Thursday that it retains the right to modify the issue’s mechanics.