Wednesday, October 15, 2025
SCRYPTO MAGAZINE
No Result
View All Result
  • Home
  • Crypto
  • Bitcoin
  • Blockchain
  • Market
  • Ethereum
  • Altcoins
  • XRP
  • Dogecoin
  • NFTs
  • Regualtions
SCRYPTO MAGAZINE
No Result
View All Result
Home Blockchain

Blockchain Could Clean Up Government Spending, Philippines Official Says

SCRYPTO MAGAZINE by SCRYPTO MAGAZINE
October 15, 2025
in Blockchain
0
Blockchain Could Clean Up Government Spending, Philippines Official Says
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Trusted Editorial content material, reviewed by main trade specialists and seasoned editors. Ad Disclosure

In response to Division of Info and Communications Know-how (DICT) Sec. Henry Aguda, the federal government is taking concrete steps to check whether or not blockchain could make the Philippine nationwide finances extra open and traceable.

Related articles

Samsung offers $100 instant deal to new XR headset users ahead of Unpacked

Samsung offers $100 instant deal to new XR headset users ahead of Unpacked

October 15, 2025
This midrange OnePlus phone outperforms pricier models – and it’s on sale at Best Buy

This midrange OnePlus phone outperforms pricier models – and it’s on sale at Best Buy

October 14, 2025

He instructed the Malacañang Press Corps {that a} working prototype can be proven to senators and representatives to show the concept can work. The transfer comes as lawmakers push a invoice that might put finances paperwork and transaction data on a distributed ledger for public verification.

DICT Strikes To Construct Prototype

Aguda mentioned the nation has “a variety of specialists on blockchain,” and that one in all his duties is to supply a minimal viable product so lawmakers can see a reside demo earlier than any full rollout.

He additionally talked about that the DICT has been experimenting with stablecoin techniques to hint peso transactions in banks. Reviews say he’ll ask President Ferdinand Marcos Jr. to certify the associated invoice as pressing, signaling that the manager department might press for sooner motion.

Senate Invoice 1330, titled the “Philippine Nationwide Funds Blockchain Act,” would require the manager department, Congress, and native governments to add and publish their finances transactions on a blockchain.

If enacted, residents would be capable to comply with allocations, bids, disbursements, and contracts on a publicly seen chain. The invoice additionally goals to borrow options from the Full Disclosure Invoice so individuals can evaluate contracts and expense stories.

Complete crypto market cap presently at $3.74 trillion. Chart: TradingView

On Transparency & Safety

At a Senate listening to on SB1330, the Committee on Science and Know-how mentioned how blockchain would possibly assist expose delays or anomalies in spending. Sen. Bam Aquino instructed the panel that inserting data on a public ledger may make finances processes “clear, trustworthy, and safe.”

Advocates say the seen chain would let odd residents monitor the place funds transfer and spot mismatches sooner than present techniques permit.

Authorized Skilled Casts Doubt On Blockchain Funds Push

Not everyone seems to be offered on the concept. Florin Hilbay, former Solicitor Normal and now dean at Silliman College Faculty of Legislation, requested plainly:

“Do we actually must put the finances on a blockchain?”

Company Finance Institute

He warned that what begins as a promise of openness may flip right into a centralized database held on a number of servers run by contractors.

Hilbay additionally pointed to price considerations, saying the plan allocates PhP500 million ($8.6 million) as an preliminary expense, and he argued that good contracts and validator nodes add complexity and new technical dangers.

Aguda mentioned the DICT is not going to faucet public funds for the prototype and that personal teams have already supplied assist.

Featured picture from N90, chart from TradingView

Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent overview by our crew of prime know-how specialists and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.



Source link

Tags: BlockchainCleanGovernmentOfficialPhilippinesspending
Share76Tweet47

Related Posts

Samsung offers $100 instant deal to new XR headset users ahead of Unpacked

Samsung offers $100 instant deal to new XR headset users ahead of Unpacked

by SCRYPTO MAGAZINE
October 15, 2025
0

Kerry Wan/ZDNETObserve ZDNET: Add us as a preferred source on Google.ZDNET's key takeawaysSamsung has confirmed that the subsequent Unpacked will occur on...

This midrange OnePlus phone outperforms pricier models – and it’s on sale at Best Buy

This midrange OnePlus phone outperforms pricier models – and it’s on sale at Best Buy

by SCRYPTO MAGAZINE
October 14, 2025
0

Prakhar Khanna/ZDNETComply with ZDNET to be taught extra about smartphones: Add us as a preferred source on Google.When you're available in the...

I tried smart glasses with xMEMS speakers and active cooling – and they’re full of promise

I tried smart glasses with xMEMS speakers and active cooling – and they’re full of promise

by SCRYPTO MAGAZINE
October 14, 2025
0

Kerry Wan/ZDNETObserve ZDNET: Add us as a preferred source on Google.ZDNET's key takeawaysGood glasses are cumbersome, compromising consolation and inner cooling programs.xMEMS'...

This $20 gadget will change how you interact with Alexa and your smart home

This $20 gadget will change how you interact with Alexa and your smart home

by SCRYPTO MAGAZINE
October 13, 2025
0

AmazonComply with ZDNET: Add us as a preferred source on Google.ZDNET's key takeawaysAmazon made the Smart Dimmer Switch out there for pre-order.This...

Is AI even worth it for your business? 5 expert tips to help prove ROI

Is AI even worth it for your business? 5 expert tips to help prove ROI

by SCRYPTO MAGAZINE
October 13, 2025
0

narvo vexar/iStock / Getty Photos PlusObserve ZDNET: Add us as a preferred source on Google. ZDNET's key takeaways Most enterprise...

Load More
  • Trending
  • Comments
  • Latest
Analysts’ 2025 Bull Market Predictions

Bitcoin Entering Second ‘Price Discovery Uptrend’, What’s Ahead?

January 21, 2025
Bitcoin Spot-Perpetual Price Gap Turns Negative

Bitcoin Spot-Perpetual Price Gap Turns Negative

December 23, 2024
Bitcoin Price Flashes Major Buy Signal On The 4-Hour TD Sequential Chart, Where To Enter?

Bitcoin Price Flashes Major Buy Signal On The 4-Hour TD Sequential Chart, Where To Enter?

December 24, 2024
Cardano Price Outlook: The $0.40 Threshold Could Unlock Doors to $1

Cardano Price Outlook: The $0.40 Threshold Could Unlock Doors to $1

December 23, 2024
Bitcoin could reach this unbelievable price by 2025, but these factors must align

Bitcoin could reach this unbelievable price by 2025, but these factors must align

0
XRP Consolidation Could End Once It Clears $2.60 – Top Analyst Expects $4 Soon

XRP Consolidation Could End Once It Clears $2.60 – Top Analyst Expects $4 Soon

0

Fed Can’t Hold Bitcoin, No Plans Yet To Change Law, Powell Says

0
Bears Take Full Control of the Market

Bears Take Full Control of the Market

0
Markets shake, but ‘Uptober’ lives on! – Analyst explains why

Markets shake, but ‘Uptober’ lives on! – Analyst explains why

October 15, 2025
Bitcoin, Ether ETFs Rebound as Powell Signals Rate Cuts

Bitcoin, Ether ETFs Rebound as Powell Signals Rate Cuts

October 15, 2025
Blockchain Could Clean Up Government Spending, Philippines Official Says

Blockchain Could Clean Up Government Spending, Philippines Official Says

October 15, 2025
Dogecoin Sheds 25% As $57 Million Flees Market

Dogecoin Sheds 25% As $57 Million Flees Market

October 15, 2025

Recent News

Markets shake, but ‘Uptober’ lives on! – Analyst explains why

Markets shake, but ‘Uptober’ lives on! – Analyst explains why

October 15, 2025
Bitcoin, Ether ETFs Rebound as Powell Signals Rate Cuts

Bitcoin, Ether ETFs Rebound as Powell Signals Rate Cuts

October 15, 2025

Categories

  • Altcoins
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Dogecoin
  • Ethereum
  • Market
  • NFTs
  • Regualtions
  • XRP

Recommended

  • Markets shake, but ‘Uptober’ lives on! – Analyst explains why
  • Bitcoin, Ether ETFs Rebound as Powell Signals Rate Cuts
  • Blockchain Could Clean Up Government Spending, Philippines Official Says
  • Dogecoin Sheds 25% As $57 Million Flees Market
  • Announcing the 2026 EF Internship

© 2025 SCRYPTO MAGAZINE | All Rights Reserved

No Result
View All Result
  • Home
  • Crypto
  • Bitcoin
  • Blockchain
  • Market
  • Ethereum
  • Altcoins
  • XRP
  • Dogecoin
  • NFTs
  • Regualtions

© 2025 SCRYPTO MAGAZINE | All Rights Reserved