Philippine Senate Dey Move National Budget Blockchain Act Forward
Di Philippine Senate Science and Technology Committee wey Bam Aquino dey lead don push Senate Bill No. 1330, wey dem sabi as National Budget Blockchain Act. Dis bill wan make all government budget transactions dey recorded for blockchain ledger so public fit see project timelines, how dem dey do bidding and how dem dey spend money almost real-time. Di law go make sure say records no fit change, e go decentralize am and e go fit trace am well, so to make clear and stop corruption including ghost projects wey dey for DPWH flood control program. Di law conjoin some things from Full Disclosure Bill join and tell Department of Information and Communications Technology (DICT), Department of Budget and Management and Commission on Audit make dem supervise how e go take work. DICT Secretary Henry Aguda gree say make dem use blockchain and stablecoins to trace peso transactions and plan to ask for quick presidential certification. Blockchain Council of the Philippines and Fintech Alliance PH get dis bill support, get initial money of PHP 500 million, di plan na to start small small and get visible result by 2026 and make Senate pass am before end of year. Crypto traders suppose dey observe dis bill progress because if e pass, e fit make blockchain solutions and stablecoin infrastructure demand go high for Philippines market, and dat fit open chance for projects wey relate to am.
Bullish
Di National Budget Blockchain Act progress dey show say government dey strongly support blockchain technology and stablecoin integration inside financial systems. Short term, traders fit see say more people go show interest for blockchain service providers and stablecoin platforms as dem dey award implementation contracts and pilot phases dey start. Long term, if e become mandatory make dem track budget using blockchain, e fit make transaction volumes and liquidity for Philippine market increase, e go create steady demand for blockchain infrastructure tokens and stablecoins. Even though regulatory clarity dey reduce market wahala, execution risks and delay for funding fit cool down the positive feeling. Overall, dis development dey boost confidence for blockchain adoption, e justify say make people get better hope for projects wey relate to am.